Joint Venture Celebrates 25 YearsPosted: Updated:
Two companies are celebrating the 25th anniversary of creating what has become a well-known brands in biotechnology. Dow Chemical Co. (NYSE: DOW) and Eli Lilly and Co. (NYSE: LLY) formed Indianapolis-based Dow AgroSciences LLC in 1989. Chief Executive Officer Tim Hassinger tells Inside INdiana Business Television during the past quarter-century, the company has grown its work force 60 percent and watched sales explode from $1.5 to $7.1 billion. News Release
October 31, 2014
INDIANAPOLIS, Ind. -- Twenty-five years ago today, the joint venture between the plant science businesses of The Dow Chemical Company (NYSE: DOW) and Eli Lilly and Company (NYSE: LLY) was formed, and the new company DowElanco was created. Headquarters were established in Indianapolis, with the goal of driving innovation and expanding geographic reach. Renamed Dow AgroSciences in 1997 when Dow purchased Lilly’s partnership interest, the company’s growth and scientific contributions have been significant and set a strong foundation for continued success.
Dow AgroSciences’ growth story is impressive. In 1989, the company started with $1.5 billion in sales. Dow AgroSciences broke through the $5 billion sales mark in 2011, surpassed the $6 billion mark the following year, and reached a record-breaking $7.1 billion in sales with $969 million in earnings in 2013, outperforming the industry.
That growth is built on the power of the company’s scientific expertise. “Since our creation, we’ve existed to harness the power of science. It is at the root of every solution we produce and it’s the passion of the people who work here. We’ve always believed that what we do serves a greater good,” said Tim Hassinger, Dow AgroSciences President and CEO.
The joint venture started with 3,000 employees, and 25 years later Dow AgroSciences has more than 8,000 employees around the world. Today, the company is advancing the most diverse pipeline of crop protection and plant biotechnology products in its history, with ambitious goals for the future. “We intend to use our innovation expertise to help solve some of the greatest global challenges and provide better solutions for our customers and our communities,” said Hassinger. “On our 25th anniversary, I’m optimistic about our future because I know that we’re using our background as a science-based company to truly make a difference in the world.”
About Dow AgroSciences
Dow AgroSciences, based in Indianapolis, Indiana, USA, is committed to discovering, developing, and bringing to market crop protection and plant biotechnology solutions for the growing world. Dow AgroSciences is a wholly owned subsidiary of The Dow Chemical Company and had annual global sales of $7.1 billion in 2013. Learn more at www.dowagro.com. Follow Dow AgroSciences on Facebook, Twitter, and YouTube or subscribe to our News Release RSS Feed.
Source: Dow AgroSciences