Indianapolis-based Dow AgroSciences LLC is reporting a full-year profit of $976 million, compared to $859 million the previous year. Andrew Liveris, chief executive officer of parent Dow Chemical Co. (NYSE: DOW), says the proposed $130 billion merger with DuPont (NYSE: DD) is making "significant progress."
He says shareholders overwhelmingly approved the deal and the intended spin-offs of divisions including agriculture have been accelerated. Liveris adds "for the year ahead, we remain squarely focused on three priorities: achieving our financial and operating plan; closing the DowDuPont transaction and driving quickly toward the intended spins; and capitalizing on our strategic growth projects. We will continue to deliver strong financial performance for our customers and our shareholders."
Earlier this week, DuPont (NYSE: DD) said it expects the merger to wrap up in the current quarter.
Liveris says, company-wide, Dow AgroSciences was among the year’s top performers. "We delivered full-year operating EBITDA records in multiple downstream businesses, including Automotive Systems, Building & Construction, Electronic Materials and Dow AgroSciences," adding projected demand in agriculture and several other core sectors remains healthy.
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