13 December 2007 19:34 [Source: ICIS news]
NEW YORK (ICIS news)--Dow Chemical expects sales in the range of $50bn-60bn (€34-41bn) in five years, CEO Andrew Liveris said on Thursday.
“Seventy to eighty percent of that (will be) in the high value-added specialty area,” Liveris told ICIS in an interview following the announcement of a major restructuring deal.
Dow and Kuwait's Petrochemical Industries Company (PIC) on Thursday announced an $11bn joint venture to take advantage of the ?xml:namespace>
To form the US-headquartered joint venture, Dow will sell PIC a 50% share in five of its global businesses worth approximately $19bn in exchange for a $9.5bn payment from PIC.
Dow's business transferred to the joint venture generate around $12bn in sales, the companies said. However, the CEO's comments suggest that Dow will quickly replace the revenue transferred to the joint venture through its streamlined business. Full year revenues for Dow in 2006 were $49.1bn. Net income for the year was $3.7bn.
“We can now pay all the time and attention we need, to getting it right on the performance side,” Liveris said.
($1.00 = €0.68)
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