23 September 2011 00:12 [Source: ICIS news]
HOUSTON (ICIS)--US Dow Chemical provided no specifics on Thursday after an executive was quoted in a French newspaper saying the company may make some acquisitions in Asia and Latin America in 2012.
Instead, the company reiterated that its primary goals in the near term include attaining an annual target of $10bn (€7.3bn) in earnings before interest, taxes, depreciation and amortisation (EBITDA), as well as a goal of 40% net debt to capital by the end of 2012.
French newspaper “La Tribune” on Thursday quoted executive Jerome Peribere saying, “We have reduced our debt by $4bn in the first half of the year. But we have several billion to put towards acquisitions,” according to Reuters.
Dow spokesman Greg Baldwin said the company’s investment strategy includes capital expenditures in its existing businesses and low-cost, low-risk joint ventures that are located in advantaged regions.
For example, Dow recently partnered with Saudi Aramco to form Sadara Chemical in Saudi Arabia, where they will build $20bn chemical complex.
Dow also invests in “tuck-in acquisitions of modest proportion but of succinct fit within our integration strategy,” Baldwin added.
($1 = €0.73)
For more on Dow visit ICIS company intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections