DOW INC. (DOW)

Dow Inc., incorporated in Delaware in 2018 as a holding company for The Dow Chemical Company (TDCC, founded 1897/1947), is headquartered in Midland, Michigan, and operates as a leading global materials science company serving high-growth markets including packaging, infrastructure, mobility, and consumer applications. With manufacturing sites in 29 countries, approximately 34,600 employees, and 2025 sales of approximately $40 billion, Dow conducts operations through six global businesses organized into three reportable segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The Packaging & Specialty Plastics segment combines Hydrocarbons & Energy (a leading global producer of ethylene, propylene, and aromatics) with Packaging and Specialty Plastics (a leader in polyethylene and other ethylene derivatives), leveraging feedstock flexibility and proprietary catalyst technologies to serve food/specialty packaging, health and hygiene, mobility, and infrastructure markets; key competitors include LyondellBasell, ExxonMobil, SABIC, and Dow participates in joint ventures such as EQUATE, TKOC, Map Ta Phut, Sadara, and The SCGC-Dow Group.

The Industrial Intermediates & Infrastructure segment consists of Industrial Solutions (producing purified ethylene oxide, amines, solvents, and surfactants) and Polyurethanes & Construction Chemicals (encompassing Polyurethanes, Chlor-Alkali & Vinyl, and Construction Chemicals businesses), serving appliances, coatings, building/construction, and oil/gas markets, with competitors including BASF, Huntsman, and Covestro. The Performance Materials & Coatings segment includes Coatings & Performance Monomers (acrylics-based coating ingredients) and Consumer Solutions (silicone-based products for consumer, electronics, and industrial applications), competing with firms such as Arkema, Wacker Chemie, and Shin-Etsu. The company is pursuing sustainability initiatives including circular economy targets (3 million metric tons of circular/renewable solutions annually by 2030), decarbonization goals (5 million metric ton reduction in Scope 1/2 emissions by 2030), and major capital investments such as a completed U.S. Gulf Coast polyethylene unit, a net-zero emissions ethylene complex under construction in Alberta, Canada, advanced recycling partnerships (Mura, Xycle), alkoxylation capacity expansions, and a small modular nuclear reactor project in Texas.

In 2025, Dow also undertook strategic asset reviews resulting in planned shutdowns of a German ethylene cracker (Böhlen) and CAV assets (Schkopau) by 2027, alongside impairment charges including a $690 million goodwill impairment in Polyurethanes & Construction Chemicals and a $303 million charge related to Latin American chlor-alkali and propylene oxide assets.