Dow Chemical to begin construction of new $100M Innovation Center
Andrew Liveris, chairman and CEO of The Dow Chemical Company, announced that the company will begin construction of a new, $100M Innovation Center designed to drive innovation at the intersections of silicone science and organic chemistry at the heritage Dow Corning corporate campus. The new facility will host approximately 200 research and development employees who will explore future technologies at the intersections of silicone chemistry and materials science and organic chemistry. The new innovation center will be a key enabler in Dow achieving its initial $100M growth synergy target, as well as more than $500M of additional Dow-enabled bottom-line growth the Company now expects to achieve across the enterprise from integrating silicones into the Dow portfolio. This bottom-line growth, coupled with Dow's latest cost synergy target of more than $650M, greatly enhance silicones' profitability. Dow now expects EBITDA to increase to more than $2B by the end of 2019 - more than double its initial projection.