Dow to develop new tech for Chinese market
Updated: 2012-03-23 09:34
By Chen Qide (China Daily Shanghai Bureau)
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SHANGHAI - Dow Advanced Materials Division, a key section of Dow Chemical Company, will step up effort to develop new technologies for the markets in China as well as other Asia-Pacific countries.
"Dow has decided to invest more than $500 million in the division's R&D, accounting for about one-third of its $1.7 billion," said Jerome Peribere, executive vice president of Dow Chemical Company and also president of Dow Advanced Materials.
"These new technologies will be a strong stimulus to the growth of the division's sales in Asia," Peribere said on his tour of the city on Tuesday.
The division created sales of $3.5 billion in Asia last year, taking up 30 percent of its global sales, he said, adding that the sales will be increased up to $3.8 billion this year and $6 billion in 2016.
China has become Dow's second largest market with 99 percent of its sales in China coming from function materials and advanced materials, a result of successful transferring its business focus from basic chemicals to advanced materials, he said.
"Our R&D center in Shanghai has provided strong support for Dow's business expansion in China and Asia," Peribere said.
The center with more than 700 researchers and engineers has developed new technologies to meet the needs of Dow's global market since it was put into operation in June 2009, he said.