Dow Chemical 2015 Annual Report Download - page 6
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4 The Dow Chemical Company
THE CULMINATION OF THIS TRANSFORMATION JOURNEY
One decade ago, we committed to transform Dow into a stronger,
more stable, less cyclical company and generate long-term
sustainable value for our stakeholders – a Dow that controls what
it can control to capture value and achieve earnings growth despite
macro volatility. The year 2015 was a significant year on that journey.
During the year, we made significant progress on our strategic
investments in Saudi Arabia and the U.S. Gulf Coast, and
completed a number of divestitures, approaching more than
$13.5 billion(6) in pre-tax value, exceeding our initial targets.
This includes the completion of the Dow Chlorine Products
transaction in October, where we closed on a momentous chapter
of our 119-year history by separating a substantial portion of the
chlorine value chain – the chemistry upon which Dow was founded.
Dow also moved forward with plans to optimize the ownership
of our joint venture portfolio. We took measures to reduce our
equity base in our Kuwaiti joint ventures, and announced strategic
plans to restructure the ownership of Dow Corning Corporation’s
silicones business, our 72-year joint venture with Corning.
(6) Assumes 37 percent tax rate on the Dow Chlorine Products transaction.
DOWDUPONT MERGER AND THE
FORMATION OF NEW GLOBAL LEADERS
And of course, in December of 2015, we announced the signing
of a definitive agreement for an all-stock merger of equals
with DuPont to create DowDuPont. This transaction marked a
culmination of a series of actions strategically laid out in 2012
to fully transform our enterprise.
After the transaction close, DowDuPont intends
to subsequently spin into three new companies:
a world-leading Agriculture company; a Material
Science company where 70 percent of revenue
will be focused on three key end-markets
(packaging, transportation and infrastructure);
and a technology-driven, innovative Specialty
Products company.