17 March 2006 23:06 [Source: ICIS news]
HOUSTON (ICIS news)--Banc of America Securities (BoA) said on Friday it was maintaining its buy rating for Dow Chemical following an investor presentation that focused on Dow’s long-term goals of retaining a highly integrated structure, and reducing capital intensity and cyclicality through “asset-light” joint ventures.
“We maintain constructive following investor day [on Thursday]” in ?xml:namespace>
“We see Dow’s game plan as 1) retain a highly integrated structure; 2) reduce capital intensity and cyclicality; 3) harvest cash from commodities; 4) re-direct capital to growth initiatives among specialties; and 5) return cash to shareholders,” BoA said.
Dow executive vice president Mike Gambrell aims to reduce Dow’s capital intensity through “asset-light” joint ventures with regional players to effect partial divestiture of existing commodities and expand capacity in cost-advantaged regions, BoA said.
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