COMPANYRESULTS

Stepan reports record 3Q 2009 earningsand increases quarterly dividend

Stepan Co reported record results for3Q and nine months ended Sep 2009.Net income for 3Q 2009 was $19.5 M,or $1.80/diluted share (net income of$17 M, or $1.59/diluted share in 3Q2008) and for Jan-Sep 2009 was$54.28 M (net income of $35.51 M inJan-Sep 2008). Surfactant gross profitgrew by 41% to $45.3 M, on a 6%decline in volume. Polymer gross profitrose by 120% to $19.5 M, despite a13% decline in volume during 3Q2009. Speciality products gross profitgrew by 122%, on margin recoverydue to lower raw material costs andimproved product mix. Specialityproducts represent 3% of companysales. Net sales were $326.2 M during3Q 2009 ($432.9 M in 3Q 2008) and$965.567 M during Jan-Sep 2009($1235 M in Jan-Sep 2008). Research,development and technical servicesexpenses were $8.650 M during 3Q2009 ($9.293 M in 3Q 2008) and$26.35 M during Jan-Sep 2009($26.57 M in Jan-Sep 2008). On 19Oct 2009, the Board of Directors ofStepan Co declared a 9.1% increasein the company’s quarterly cashdividend on its common stock to$0.24/share. The quarterly dividend ispayable on 15 Dec 2009, tostockholders of record on 30 Nov2009. The increase brings the annualdividend rate to $0.96/share, andmarks the forty-second consecutiveannual dividend increase. Stepan Co,headquartered in Northfield, IL, is aleading producer of speciality andintermediate chemicals used inhousehold, industrial, personal care,agricultural, food and insulation relatedproducts. The financial figures for thecompany are presented in tables.

Stepan Financial Report 3Q and Nine Months of 2009,20 Oct 2009, (Stepan Co, 22, West Frontage Road,Northfield, IL 60093, USA, tel: +1 847 446 7500, fax:+1 847 501 2100, website: http://www.stepan.com)

Dow reports 3Q 2009 results

Dow Chemical (Dow) reportedearnings/share of $0.63 for 3Q 2009.Excluding certain items and

discontinued operations, thecompany earned $0.24/share for 3Q2009, driven by sequential priceincreases, volume growth inElectronic and Speciality Materialsand Coatings and Infrastructure(Advanced Materials), PerformanceProducts and Performance Systems,as well as the company’s actions toreduce cost and capture acquisition-related synergies. Dow reported salesof $12 bn for 3Q 2009, down 22%from reported sales in 3Q 2008. Netincome from continuing operations for3Q 2009 was $799 M (net incomefrom continuing operations of $440 Min 3Q 2008). Volume was upsequentially in the Advanced Materialsand Performance segments, exceptHealth and Agricultural Sciences,where volume declined 32% due toseasonality and adverse weatherconditions. Prices were down 23%versus pro forma sales in 3Q 2008,but increased 6% sequentially, withincreases in all geographic areas. Ata segment level, Hydrocarbons andEnergy and Basic Plastics reportedthe largest increases, with prices up29% and 13%. During 3Q 2009, salesin the Electronic and SpecialityMaterials segment were $1.3 bn, down15%. Volume decreased 9% andprices declined 6%. EBITDA for thesegment was $407 M (EBITDA of$390 M in 3Q 2008). Sales in Coatingsand Infrastructure were $1.3 bn, down22%. Volume declined 9%, whileprices decreased 13%. EBITDA forCoatings and Infrastructure was $213M (EBITDA in 3Q 2008 was $192 M).Health and Agricultural Sciencesreported sales of $796 M (down 20%from $995 M in 3Q 2008). Volumedeclined 9%, while prices were down11%. EBITDA for Health andAgricultural Sciences was $5 M(EBITDA of $95 M in 3Q 2008).Performance Systems sales,Performance Products Sales, sales inPerformance Fluids, Polyglycols andSurfactants, and Basic Plastics salesdetails are included in the report.

Net income was $498 M duringJan-Sep 2009 ($2194 M in Jan-Sep2008). Research and developmentexpenses were $400 M during 3Q2009 ($334 M in 3Q 2008) and $1073M during Jan-Sep 2009 ($1 bn in Jan-Sep 2008). The Dow Chemical Co isa diversified chemical company thatcombines the power of science andtechnology with the human element to

constantly improve what is essential tohuman progress. The financial figuresfor the company are presented intables.

Dow Chemical Financials 3Q and Nine Months 2009,22 Oct 2009, (Dow Chemical Co, 2030, Dow Center,Midland, MI 48642, USA, tel: +1 989 636 1000, fax: +1 989 636 3518, website: http://www.dow.com)

Recession dents P&G’s results for FY2009

Procter & Gamble’s FY 2009 financialresults reveal some of the damagecreated by the economic downturn.Unit volume and organic volumedeclined 3% and 2% respectively,causing net sales to drop 3% to $79bn. Beauty net sales slipped 4% to$18.8 bn, owing to a 4% impact fromunfavourable exchange rates.Grooming net sales slid 9% to $7.5 bn.Organic sales dropped 2% following amajor drop in the Braun operations.Net sales in the fabric care and homecare category decreased 2% to $23.2bn. P&G upheld its organic salesguidance of 1-3% for FY 2010.

HAPPI, Household & Personal Products Industry, Oct2009, 46 (10), 133

COMPANYNEWS

Synalloy sells Blackman Uhler

Synalloy Corp is continuing itswithdrawal from the chemical sector.Following the sale of Organic Pigmentsto Spectra Colorants, it has now soldBlackman Uhler Specialties to the USfirm SantoLubes Manufacturing.SantoLubes specializes in lubricantsfor the aeronautics, aerospace andelectronics sectors. The transactionwas worth $11.2 M. It mainly consistsof Blackman Uhler’s facility atSpartanburg, SC. Blackman Uhler hada turnover of $14.5 M in 2008. Its onlychemical business is the subsidiaryManufacturers Chemicals, whichspecializes in surfactants, lubricantsand finishing agents as well as dyes. Ithas units at Cleveland, TN and Dalton,GA. The firm had had average growthof 8.9%/y over a period of around 10years.

Chimie Pharma Hebdo, 12 Oct 2009, (482), 7 (inFrench)

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