BRIEF-Dow Chemical CEO comments on 2009 outlook
, Nov 14, 2008 (Reuters via COMTEX) -- By Staff Reporter
Company: Dow Chemical Co. (DOW)
Dow Chemical Co:
* CEO says has lost all the prices increases put in place in the middle of the
year for commodity chemicals
* CEO says has retained good pieces of the price increases that Dow put in
place on the specialty chemical side
* CEO says trend rate right now indicates that shipment volumes will be down 10
to 20 percent for the next few quarters
* CEO says Dow anticipates a protracted global recession in 2009, which will
probably extend into 2010
* CEO says Dow is doing everything possible to keep 2009 earnings above $2 a
earnings per share in such an environment
* CEO says likely to announce plans to restructure operations in the next few
weeks
* CEO says Dow likely to cut capex budget sharply in 2009
* CEO says all discretionary spend on growth projects could get cut out, as Dow
would not need to grow capacity
* CEO says would look at old facilities and examine whether they ought to put
maintenance capital into those, or accelerate their shutdown
* CEO says has no plans to plans to cut dow's dividend
* CEO says he and other top level Dow executives are currently buying shares in
the company
((New York Equities Desk; tel: +1 646 223 6000))
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Company: Dow Chemical Co. (DOW)
Related terms: budget, ceo, chemicals, commodity, dividend, earnings, environment, equity, new york, prices, recession
