Midland-based Dow Corning Corp., a developer of silicone-based products for the automotive and aerospace industries, among others, today reported adjusted net income of $492 million for 2015, a drop of 6 percent compared to 2014.
"Dow Corning's efforts to increase the profitability of our silicones business in 2015 enabled us to offset the currency headwinds we faced as well as the continued volatility in our polysilicon business," says J. Donald Sheets, executive vice president and CFO of Dow Corning, a joint venture between Dow Chemical Co. and Corning Inc.
Sheets says Dow Corning reported $5.65 billion in sales, compared to $6.2 billion in sales in sales in 2014.
He says Dow Corning continued to increase sales volumes in its most profitable specialty silicones product lines, especially in the high-performance building, packaging, electronics, and health and beauty care industries. Sheets says sales from the company's polysilicon segment continued to decrease as the timing of customers taking product under long-term contracts resulted in fewer shipments.
"We see a tremendous opportunity to accelerate growth in our silicones business upon completion of the Dow Chemical and Corning transaction," Sheets says. "The added power of Dow's brand, operational excellence, global scale, and powerful innovation and R&D engine will provide our customers with even greater expertise and capabilities."
Dow plans to acquire the remaining stake in Dow Corning. The transaction is expected to close within the first half of 2016.