Midland, Michigan —Dow Corning Corp. has posted a 10-percent year-on-year increase in net income in 2015, despite a 9 percent decrease in sales, the company announced on 5 Feb.
A strong US dollar was a key contributor to the rise in income to $563 million (€503.5 million) on a sales of $5.65 billion in 2015, said Dow Corning.
Dow Corning’s adjusted net income in 2015 was $492 million, a decrease of 6 percent compared to 2014.
“Adjusted net income for 2015 excluded the impact of a derivative contract and gains resulting from the sale of property, long-term sales agreements and implant liability adjustment,” the speciality chemicals company said.
Dow Corning increased sales volumes in its “most profitable” speciality silicones product lines with notable strength in the high-performance building, packaging, electronics, and health and beauty care industries.
“The 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,” the US-based company added.