Dow Corning posts record sales, profits in 2010

ERJ staff report (R&PN)

Midland, Michigan -- Dow Corning Corp. reported record results for 2010, with $6 billion in sales and a net income of $866 million.

Sales were 18 percent higher than the 2009 fiscal year, and net income was up 45 percent.

The firm also broke records in the fourth quarter with sales of $1.58 billion, 7 percent higher than last year during the same period.

Dow Corning saw growth specifically in the Asia and Latin America regions, leading to record sales in those zones.

J. Donald Sheets, executive vice president and chief financial officer, said Dow Corning's silicones business continued to grow, especially in electronics, life sciences, solar and industrial applications.

He said the company's polycrystalline silicon business through Hemlock Semiconductor Group had a solid year as new capacity came online in 2010. He said the expansion activities at Hemlock Semiconductor's Michigan and Tennessee facilities continue and are expected to be completed as scheduled.

From Rubber & Plastics News (A Crain publication)

Press release from Dow Corning