US chemical firms highlight financial strength

19 September 2008 22:35  [Source: ICIS news]

NEW YORK (ICIS news)--Some US chemical firms are emphasising their balance sheets and stability in the midst of historic volatility in the financial markets, Bank of America Securities analyst Kevin McCarthy said on Friday.

“Given the backdrop in capital markets, companies advertised stability [at the 38th annual Bank of America Investment Conference in San Francisco this week]” McCarthy said in a research note.

“Praxair, Air Products and Monsanto highlighted the balance sheet strength and/or stability of cash generation. DuPont noted that the company recently had no problems in placing a debt offering,” McCarthy said.

Dow Chemical highlighted its 96-year history of uninterrupted dividends and ample dividend yield of 4.7%, the analyst said.

“Dow also noted that it believes it has solid financing in place for its pending acquisition of Rohm and Haas, which is not contingent upon closing of the Kuwaiti-Dow joint venture,” McCarthy said.

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By: Joseph Chang
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