Frost & Sullivan Names Dow Corning 2005 Specialty Chemicals Company of the Year

07-Dec-2005

Dow Corning Corporation has been named Specialty Chemicals Company of the Year by Frost & Sullivan. Frost and Sullivan analysts highlighted Dow Corning's ability to drive innovation, its unique customer solutions approach, success in geographic expansion, and exceptional financial results as areas distinguishing the company.

"Dow Corning has exhibited outstanding management, consistent growth, and positive social and economic impact on local and international communities and customers," said Frost & Sullivan analyst Gordon McManus. "They have the exceptional know-how to take advantage of market changes through execution of innovative strategies within the existing competitive landscape."

Frost & Sullivan said it was impressed with the Midland, Mich.-based company's ability to champion the use of innovative practices in all aspects of the business. The company seeks to derive approximately 20 percent of sales from products less than five years old, and spends in the order of 6 percent of revenues on research and development.

Frost & Sullivan identified Dow Corning's success in providing solutions and consultancy to customers as another factor differentiating it from the rest of the industry. Success in geographic expansion was another area highlighted by Frost and Sullivan, noting Dow Corning has invested, partnered, and provided customers in emerging countries with the same level of support and high-quality materials offered in the U.S. and Europe.

In terms of financial performance, Dow Corning has continued on a path of growth over the past several years. Through the first three quarters of 2005, adjusted net income was $375.5 million, 79 percent higher than the $209.8 million reported in the same period of 2004. Sales through the first three quarters of 2005, were $2.94 billion, an increase of 18 percent from sales of $2.50 billion in the same period last year. 2004 sales and income (when compared with same period in 2003) grew at 17 percent and 35 percent respectively.

https://www.chemeurope.com/en/news/50735/frost-sullivan-names-dow-corning-2005-specialty-chemicals-company-of-the-year.html