02 February 2012 22:44 [Source: ICIS news]
BOGOTA (ICIS)--Dow Chemical, the largest US chemical maker, saw increases in prices, volumes and sales during the fourth quarter in Latin America, the company said on Thursday.
Excluding the impact of divestitures, volume was up 4% for all of 2011, with increases in all geographic areas, led by a 9% increase in sales volumes to Latin America, Dow said.
Overall volume in the fourth quarter declined by 3%, but volume increases of 4% were recorded in Latin America.
The increase helped offset weak demand in North America, Europe, Middle East and Africa, reflecting steep inventory destocking across most value chains, the company said.
“Dow saw deterioration in the macro environment mid-quarter and, in line with our stated commitments, we purposefully intervened,” said Andrew Liveris, Dow’s chairman and CEO.
Prices on a company level rose 5% in the fourth quarter, with increases led by North America at 6% and Latin America at 5%, the company said.
Earnings, or net income, before interest, taxes, depreciation and amortisation (EBITDA) in the quarter was $1.4bn (€1.1bn) as the agricultural sciences unit reported record fourth quarter EBITDA, driven by demand growth in Latin America.
Fourth quarter sales of agricultural chemicals rose year on year, driven by gains in Latin America, which reported 17% demand growth in its peak selling quarter, the company said.
Seeds, traits and oils reported a 22% sales gain in the quarter, driven by a strong growing season in Latin America and increased demand for healthy oils, Dow said.
In the coatings and infrastructure segments, Dow Building and Construction reported increased sales in all geographic areas, led by Latin America and Asia Pacific.
For the whole of 2011, Dow’s net income grew 22% to $2.40bn from 2010, while its net sales rose 12% year on year to $59.99bn.
($1 = €0.76)
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