Dow Chemical 2014 Annual Report Download - page 57

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• On November 21, 2014, Dow announced it will add four new independent directors to its Board with three of the
appointments effective January 1, 2015 and the fourth appointment effective in May 2015. All four independent directors
will be included in the Company's nominations for elections at the 2015 Annual Meeting of Stockholders.
• On December 5, 2014, the Company announced it signed a definitive agreement to sell its global Sodium Borohydride
business to Vertellus Specialty Materials LLC. The transaction closed on January 30, 2015.
• Dow was named by Chief Executive Magazine as one of the top 10 best companies for leaders - the third consecutive year
the Company has made the final top 40 ranking.
• Dow Packaging and Specialty Plastics launched Pack Studios Shanghai, the second of four regional innovation centers that
are designed to help customers turn packaging ideas into innovative solutions.
• Dow's BETAMATE™ 1630 Structural Adhesives, TEQUATIC™ PLUS Fine Particle Filter, NEPTUNE™ Subsea
Insulation System, Garnet 2.0/TERAFORCE™ Resin Coated Sand Technology and Dow AgroSciences' TRANSFORM®
WG Insecticide and CLOSER™ SC Insecticide with ISOCLAST™ Active were honored by R&D Magazine as part of its
R&D 100 Awards.
• Dow was named one of the top 50 innovation companies in the United States by CNBC.
• Dow's BETAMATE™ 1630 Structural Adhesives was named Dow's third "Breakthrough to World Challenges," meeting a
milestone set by the Company as part of its 2015 Sustainability Goals.
• Dow was named to the Dow Jones Sustainability World Index - the 14th time the Company has received this recognition
since the index was launched and tying for the longest-standing representation in the chemical category since the list's
inception.
• Rio 2016 named Dow the Official Carbon Partner of the next Olympic Games, with the goal of creating climate benefits to
mitigate direct greenhouse gas emissions from the organization and hosting of the Games.
• On September 8, 2014, William H. Weideman, Chief Financial Officer and Executive Vice President; and David E. Kepler,
Executive Vice President, Chief Sustainability Officer and Chief Information Officer announced their intention to retire
from Dow, which was effective January 2, 2015.
• The Board of Directors elected Howard I. Ungerleider Chief Financial Officer, effective October 1, 2014.
• James R. Fitterling was named Vice Chairman, Business Operations, and Joe E. Harlan was named Chief Commercial
Officer and Vice Chairman, Market Businesses, effective October 1, 2014.
• On December 12, 2014, the Company announced that Gregory Freiwald, Chief Human Resources Officer, Aviation and
Corporate Affairs, had elected to retire from the Company at the end of March 2015. The Company also announced that
Johanna Söderström was named Corporate Vice President of Human Resources and Aviation.
Dow’s results of operations and financial condition for the year ended December 31, 2014 are described in further detail in the
following discussion and analysis.
RESULTS OF OPERATIONS
Net Sales
Net sales for 2014 were $58.2 billion, up 2 percent from $57.1 billion in 2013, with volume up 2 percent and price flat. Volume
increased in all operating segments, except Performance Plastics which remained flat, with notable increases in Agricultural
Sciences and Consumer Solutions (both up 3 percent). Excluding the impact of recent divestitures, Performance Plastics
volume was up 1 percent. Volume increased in all geographic areas, led by EMEAI (up 4 percent). Price was flat as increased
selling prices were offset by the unfavorable impact of currency. Price increases in Performance Plastics (up 2 percent) were
offset by price declines in Agricultural Sciences and Consumer Solutions (both down 1 percent). Infrastructure Solutions and
Performance Materials & Chemicals price remained flat. Price increased in North America (up 2 percent) and Latin America
(up 1 percent), which was offset by a decline in EMEAI (down 1 percent). Price in Asia Pacific remained flat.