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Three innovative technologies from The Dow Chemical Company (NYSE: DOW) are finalists for the 2017 ICIS Innovation Awards. In addition, Mei Li, a formulation scientist at Dow AgroSciences, is a finalist for the Alpha Innovator of the Year award in the Environment and Sustainability category. ICIS, the world’s largest petrochemical market information provider, presents these awards to companies and individuals that demonstrate high levels of innovation in products and processes, provide benefits to the environment and show progress toward sustainability.

“Dow is a company built on innovation and we are pleased to have our work recognized by ICIS with multiple finalists,” said A.N. Sreeram, senior vice president, Research & Development, and chief technology officer for Dow. “We continue to drive sustainable innovations working in close partnership with our customers to invent the products and processes that will define the solutions of tomorrow.”

Winners of the ICIS Innovation Awards and the Alpha Innovator of the Year Award will be announced in October 2017.

The three Dow finalists in innovation are:

Best Product Innovation:
UCON™ Oil Soluble Polyalkylene Glycols (OSP) are a new range of base oil and performance enhancing additive for demanding lubricant applications. UCON OSP have been designed to overcome the lack of hydrocarbon compatibility of conventional polyalkylene glycols while maintaining their key benefits such as deposit and friction control. When used as additives in hydrocarbon oil based engine lubricant formulations, UCON OSP fluids provide a way to reduce CO2 emissions through improved fuel efficiency performance, as well as deposit control that provides long term engine component protection. These features have been demonstrated across a wide battery of test conditions and engine designs for formulations containing UCON OSP developed through close collaboration of Dow and Total Lubricants.

Best Process Innovation:
Dow fluidized catalytic dehydrogenation (FCDh) Process: Both ethylene and propylene are valuable intermediates in the production of plastic and other products critical to everyday use. The shift to lighter cracker feedstocks from shale gas and slowing gasoline demand for refineries are leading to lower propylene production for traditional sources creating a propylene shortage when compared to demand. Dow has developed FCDh technology that is based on commercially available Fluidized Catalytic Cracking technology, selectively producing valuable propylene from abundant shale gas resources. The patent-protected Dow process design enables greater than 20 percent capital savings versus other commercial processes. It also reduces energy requirements per pound of propylene produced. The technology is flexible and can be easily integrated into existing or new ethylene crackers to increase production or tailor these facilities for the desired amount of ethylene and propylene production. It can be used in other aliphatic and aromatic production processes as well. Dow is exploring commercial options to advance this technology with favorable interest in the market.

Innovation With Best Benefit For Environment and Sustainability:
ROPAQUE™ NT-2900 Opaque Polymer for BLUE 4EST™ Thermal Paper is a more sustainable thermal paper option for applications such as cash register receipts, tickets, tags, and labels. The technology, which is compatible with existing printers, is free of chemical developers and removes chemicals of concern from production.

Alpha Innovator of the Year Award – Environment and Sustainability

Dr. Mei Li, formulation scientist, is named a finalist for her work in the design, implementation and commercialization of three novel agrochemical products. INSTINCT™ microcapsule nitrogen stabilizer with Optinyte™ technology protects nitrogen fertilizer and provides benefits to both the crop and the environment. Instinct™ nitrogen stabilizer and technology was awarded the 2016 U.S. EPA Presidential Green Chemistry Challenge Award. Dr. Li has also significantly advanced the formulation science of complex, multiple-active formulations to address the urgent agricultural and societal needs related to herbicide-resistant and hard to control weeds. Enlist Duo® Herbicide with Colex-D® technology is designed to land and stay on target with improved handling and reduced odor. The product won 2013 Agrow’s Best Formulation Innovation. Arylex™Active Herbicide products and technology won 2015 Agrow’s Best Formulation Innovation and 2016 R&D 100 Awards. Collectively, these innovations are helping to save energy and reduce the environmental impact of growing food for a hungry world. Dr. Li’s scientific achievements are great examples of Dow AgroSciences’ purpose to provide “Solutions for the Growing World”.

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's most challenging problems, such as the need for fresh food, safer and more sustainable transportation, clean water, energy efficiency, more durable infrastructure, and increasing agricultural productivity. Dow's integrated, market-driven portfolio delivers a broad range of technology-based products and solutions to customers in 175 countries and in high-growth sectors such as packaging, infrastructure, transportation, consumer care, electronics, and agriculture. In 2016, Dow had annual sales of $48 billion and employed approximately 56,000 people worldwide. The Company's more than 7,000 product families are manufactured at 189 sites in 34 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com

Becomes 100 percent owner of Dow Corning’s silicones business, at post-synergy transaction multiple of less than 6x EBITDA

• Highly synergistic transaction unlocks significant value for Dow shareholders – expected to be accretive to operating EPS, cash flow from operations and free cash flow in the first full year after transaction close
• Dow targets a minimum of $400 million in annual cost and growth synergies from the restructured ownership; anticipates securing more than $1 billion in additional annual EBITDA at full run-rate synergies
• Strategic realignment provides powerful new set of material science capabilities, enabling Dow to go narrower and deeper into high-growth, high value market sectors such as building and construction, consumer care, transportation, packaging, electronics, and more

The Dow Chemical Company (NYSE: DOW) has just announced the successful completion of the transaction to restructure the ownership of Dow Corning. Dow is now 100 percent owner of Dow Corning’s silicones business, which had 2015 revenues of greater than $4.5 billion and is expected to generate more than $1 billion of annual EBITDA for Dow at full run-rate synergies. The transaction represents a post-synergy multiple of less than 6x EBITDA, highlighting the unique value creation to Dow shareholders from acquiring 50 percent of the silicones business while benefiting from 100 percent of the synergies.

 “Dow Corning’s world-leading silicone position brings a complementary new chemistry and technology to Dow, with it being a hand-in-glove, strategic fit for our material sciences portfolio and based on the additional $1 billion of EBITDA to Dow’s bottom line at full run-rate synergies, which at $400 million is the minimum we expect to achieve, this transaction is highly accretive for our shareholders. As an owner of Dow Corning for more than seven decades, our deep understanding of common and adjacent markets we serve will enable us to go narrower and deeper into high growth businesses where innovation is rewarded with value,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “By linking our two robust innovation engines, we will bring greater value to our shareholders and a wider range of differentiated, high value solutions to our customers.”

A pioneer, and current day leader in silicones, silicon-based technology and innovation, Dow Corning was previously a 73-year 50:50 joint venture between Dow and Corning Incorporated. Dow and Corning will maintain their equal proportional equity interests in Hemlock Semiconductor Group, a polysilicon producer in which Dow Corning was the majority shareholder.

The highly synergistic transaction extends Dow’s participation in its Consumer Solutions and Infrastructure Solutions segments, providing immediate integration into Dow’s monomer and polymer value chains. It also enables Dow to provide complementary technology offerings in attractive industry segments where Dow is already a leader today, such as building and construction, consumer care, transportation, packaging, and electronics. Dow is positioned to capture a minimum of $400 million in annual cost and growth synergies from the restructured ownership.

Business Structure and Governance

Dow Corning will operate as a wholly owned subsidiary of Dow, and will be headquartered with Dow in Midland, Michigan.

As previously announced, Dow Vice Chairman and Chief Financial Officer Howard Ungerleider will serve as chairman of Dow Corning in addition to his current responsibilities. Dow Vice President Mauro Gregorio, who leads the Dow Corning integration team for Dow, will serve as chief executive officer of Dow Corning. Andy Tometich, a 27-year Dow Corning veteran, has been named business president of the silicones business.

“We are excited to welcome the Dow Corning team to the Dow family, and to deliver the tremendous growth potential of the combined company,” said Ungerleider. “Dow Corning is a new element for growth for Dow. Bringing together these two industry-leading companies will drive exciting opportunities for our customers worldwide via more comprehensive product offerings, access to new technologies, and expanded R&D power to help quickly commercialize innovations.”

Next Steps

Dow’s immediate focus is on seamlessly integrating Dow Corning into its existing operations and quickly capturing full growth and cost synergies. Already, leadership from both companies have worked together to define the organizational design for rapid post-close implementation. Dow expects the transaction to be accretive to operating earnings per share (EPS), cash flow from operations and free cash flow in the first full year after transaction close.

“Dow Corning’s silicones technology platform is a natural fit within Dow. Together we share 73 years as joint venture partners,” said Gregorio. “And we also share a promising future of bringing new technologies and innovation to customers worldwide.”

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow's integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture. In 2015, Dow had annual sales of nearly $49 billion and employed approximately 49,500 people worldwide. The Company's more than 6,000 product families are manufactured at 179 sites in 35 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

The Dow Chemical Company
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The Dow Chemical Company (Dow) and BASF received a 2010 Presidential Green Chemistry Challenge Award at a ceremony held at the Ronald Reagan Center in Washington, D.C. The two companies were honored for their jointly developed hydrogen peroxide to propylene oxide (HPPO) technology that vastly improves the production process of a key chemical intermediate, propylene oxide. Propylene oxide from the HPPO process can be used in a variety of applications from home insulation, appliances, automobiles and furniture to aircraft de-icers, paints, brake fluids and pharmaceuticals.

The award has been presented on behalf of the White House by the U.S. Environmental Protection Agency annually since 1996. It recognizes breakthrough technologies that transfer sustainability principles from the research lab into the real world to enable environmentally responsible and economically viable routes to commercial chemical manufacturing. It is the seventh Presidential Green Chemistry award for Dow and the fourth for BASF.

“The EPA’s recognition is a testimony to the power of innovation and collaboration that came together in this project,” said Guillermo Novo, Dow’s Vice President for Polyurethanes. “It will require more new technologies and partnering like this between companies, governments, NGOs and communities to secure our sustainable future.”

“We are proud to have such an outstanding example of joint research and development,” said Jacques Delmoitiez, President of BASF’s Polyurethanes division. “This state-of-the-art technology combines economic success with improved environmental performance and has set the standards for future projects.”

The Dow-BASF innovation offers distinct economic and environmental benefits when compared to conventional propylene oxide (PO) process technologies. A joint study conducted by the two companies in 2007 using BASF’s Eco-Efficiency Analysis tool revealed the new HPPO process reduces wastewater by 70 to 80 percent and energy use by approximately 35 percent, compared with existing PO technology. HPPO technology is also more environmentally friendly because no by-products are produced besides water. In addition, PO plants using the HPPO technology require up to 25 percent less capital to build than conventional technologies, as they have reduced infrastructure, a smaller physical footprint and simpler raw materials integration. The two companies successfully started up the first commercial-scale HPPO production plant in 2008 at BASF’s Antwerp, Belgium, facility. SCG-Dow Group is building a second plant based on this technology which is scheduled to begin production in Map Ta Phut, Thailand, in 2011.