DOW INC. (DOW)

Dow Inc. is a holding company that operates all of its businesses through its wholly owned subsidiary, The Dow Chemical Company (TDCC). It describes itself as one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Dow had sales of approximately $40 billion in 2025, operates manufacturing sites in 29 countries and employs approximately 34,600 people. TDCC was incorporated in 1947 as the successor to a Michigan corporation organized in 1897.

The Company runs six global businesses organized into three operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. Packaging & Specialty Plastics combines Hydrocarbons & Energy with Packaging and Specialty Plastics. It produces ethylene, propylene and aromatics, along with polyethylene, polyolefin elastomers, ethylene vinyl acetate, EPDM rubber, and wire and cable insulation and semiconductive compounds. It also supplies power, steam and feedstocks to Dow's sites. Industrial Intermediates & Infrastructure includes Industrial Solutions and Polyurethanes & Construction Chemicals. Industrial Solutions makes ethylene oxide, amines, solvents, glycol ethers, alkoxylates, surfactants, heat transfer fluids and deicing fluids. Polyurethanes & Construction Chemicals covers propylene oxide, propylene glycol, polyether polyols, isocyanates and polyurethane systems. It also covers chlor-alkali and vinyl products, and construction chemicals such as cellulose ethers, latex powders and acrylic emulsions. Corporate reconciles the segment totals to the Company's totals.

Customers include brand owners, manufacturers and operators in food and specialty packaging, health and hygiene, consumer durables, mobility, infrastructure, building and construction, appliances, furniture and bedding, coatings, electronics, detergents and cleaners, crop protection, data centers, and oil and gas. Dow operates globally and reports sales by geographic region, including Europe, the Middle East, Africa and India. It also has joint ventures in Kuwait, Thailand and Saudi Arabia, including EQUATE, TKOC, Map Ta Phut, Sadara and the SCGC-Dow Group. It continues to market a significant portion of Sadara's products, though a transition of marketing rights is under way.

Dow stresses integration across the ethylene-to-polyethylene chain, low-cost feedstock positions (ethane, propane, butane, condensate, naphtha and natural gas), and proprietary catalyst and process technologies. Its Pack Studio locations help customers with packaging development. Key competitors include ExxonMobil, INEOS, LyondellBasell, SABIC, Sinopec, Shell, Chevron Phillips Chemical, Borealis, Nova, BASF, Huntsman, Covestro, Eastman and Wanhua. Current investments include a new polyethylene unit on the U.S. Gulf Coast, completed in 2025, and a net-zero Scope 1 and 2 emissions ethylene and derivatives complex in Alberta, Canada. They also include advanced recycling collaborations such as Mura and Xycle, alkoxylation capacity expansions, and a planned shutdown of an ethylene cracker in Böhlen, Germany by the end of 2027. Dow's principal executive offices are at 2211 H.H. Dow Way, Midland, Michigan.