Dow Chemical 2015 Annual Report Download - page 150

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conducts its worldwide operations through global businesses, which are reported in five operating segments: Agricultural
Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals and Performance Plastics.
Agricultural Sciences
The Agricultural Sciences segment is a global leader in providing crop protection and seed/plant biotechnology products
and technologies, urban pest management solutions and healthy oils. The business invents, develops, manufactures and
markets products for use in agricultural, industrial and commercial pest management, and food service. Agricultural
Sciences consists of two businesses - Crop Protection and Seeds.
Acquisition:
On January 30, 2015, Dow AgroSciences LLC ("DAS") acquired Coodetec's seed business. See Note 4 for additional
information on this acquisition.
Divestiture:
On July 31, 2015, the Company sold its AgroFresh business to AFSI. The AgroFresh business was reported in the
Agricultural Sciences segment through the date of divestiture. The Company has retained a minority interest in AFSI
which is reported in the Agricultural Sciences segment and accounted for as an equity method investment. See Note 5 for
additional information on this divestiture.
Consumer Solutions
The Consumer Solutions segment consists of three global businesses: Consumer Care, Dow Automotive Systems and Dow
Electronic Materials. These global businesses develop and market customized materials using advanced technology and
unique chemistries for specialty applications - including semiconductors and organic light-emitting diodes, adhesives and
foams used by the transportation industry, and cellulosics and other polymers for innovative pharmaceutical formulations
and food solutions. These businesses serve the needs of market segments as diverse as: automotive; electronics and
entertainment; food and pharmaceuticals; and, personal and home care products. The Consumer Solutions segment also
includes a portion of the Company's share of the results of Dow Corning, a joint venture that manufactures silicone and
silicone products, which is owned 50 percent by the Company.
Infrastructure Solutions
The Infrastructure Solutions segment is comprised of an industry-leading portfolio of businesses utilizing advanced
technology to deliver products such as architectural and industrial coatings, construction material ingredients, building
insulation, adhesives, microbial protection for the oil and gas industry, and water technologies. Infrastructure Solutions
consists of four global businesses: Dow Building & Construction, Dow Coating Materials, Energy & Water Solutions and
Performance Monomers. The Infrastructure Solutions segment also includes a portion of the Company's share of the results
of Dow Corning, a joint venture that manufactures silicone and silicone products, which is owned 50 percent by the
Company.
Performance Materials & Chemicals
The Performance Materials & Chemicals segment is comprised of three technology-driven, customer-centric global
businesses that are advantaged through integration and driven by innovative technology and solutions: Chlor-Alkali and
Vinyl, Industrial Solutions and Polyurethanes. Products produced by this segment are back-integrated into feedstocks,
supporting a low-cost manufacturing base and consistent, reliable supply. The Performance Materials & Chemicals
segment is positioned for growth through diverse markets and product offerings. The Performance Materials & Chemicals
segment also includes the results of MEGlobal and a portion of the results of EQUATE, TKOC, Map Ta Phut Olefins
Company Limited and Sadara, all joint ventures of the Company.
Divestitures:
On January 30, 2015, the Company sold its global Sodium Borohydride business to Vertellus Specialty Materials LLC.
On February 2, 2015, the Company sold ANGUS Chemical Company to Golden Gate Capital. On October 5, 2015, the
Company completed the split-off of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global
Epoxy businesses to Olin in a tax-efficient Reverse Morris Trust transaction. These businesses were reported in the
Performance Materials & Chemicals segment through the date of divestiture.
On December 23, 2015, the Company sold its 50 percent ownership interest in MEGlobal to EQUATE. MEGlobal was
aligned 100 percent with Performance Materials & Chemicals through the date of divestiture. Dow has retained a
42.5 percent ownership stake in MEGlobal through its ownership in EQUATE. See Notes 5, 6 and 9 for additional
information on these divestitures.