04 October 2011 19:53 [Source: ICIS news]
NEW YORK (ICIS)--Dow Chemical reaffirmed on Tuesday its near-term goal of $10bn in earnings before interest, taxes, depreciation and amortisation (EBITDA).
Dow has already achieved $8.6bn (€6.5bn) in EBITDA for the last four quarters combined, chief executive Andrew Liveris said at Dow’s investor day.
“We see bright spots in recession-resistant sectors such as agriculture, food packaging, energy and health and nutrition,” he said.
“Furthermore, our diversified and well-balanced portfolio provides us with significant advantages in rapidly growing regions of the world - which continue to grow,” he added.
Liveris said that Dow also has benefitted from a significant feedstock advantage in the form of liquids-rich shale gas plays in the US.
“Couple this with … active portfolio management and the substantial and sustainable impact of our cost synergies and growth innovation, particularly in our agricultural sciences business, and you can see we have reached new levels of performance with more than $2bn of extra profit,” he said.
Additionally, he said, Dow has divested businesses that represented $8bn in revenue, but which had only single digit EBITDA margins, such as Styron and its polypropylene (PP) segment.
For more on Dow visit ICIS company intelligence
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