About Dow

Dow Inc. (Dow), through its subsidiary, The Dow Chemical Company, operates as a diversified chemical manufacturing company. The company’s serves customers in high-growth markets, such as packaging, infrastructure, mobility and consumer applications. The company operates 98 manufacturing sites in 31 countries. Business Segments and Products The company conducts its worldwide operations through six global businesses, which are organized into the following operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure and Performance Materials & Coatings. Packaging & Specialty Plastics segment The Packaging & Specialty Plastics operating segment consists of two highly integrated global businesses: Hydrocarbons & Energy and Packaging and Specialty Plastics. The segment employs the industry’s broadest polyolefin product portfolio, supported by the company’s proprietary catalyst and manufacturing process technologies. These differentiators, plus collaboration at the customer’s design table, enable the segment to deliver more reliable, durable, higher-performing solutions designed for recyclability and enhanced plastics circularity and sustainability. The segment serves customers, brand owners and ultimately consumers in key markets, including food and specialty packaging; industrial and consumer packaging; health and hygiene; caps, closures and pipe applications; consumer durables; mobility and transportation; and infrastructure. The company’s unique advantages compared with its competitors include: extensive feedstock positions around the world; unparalleled scale, global footprint and market reach; world-class manufacturing sites in every geographic region; deep customer and brand owner understanding; portfolio of higher-value functional polymers, such as polyolefin elastomers, semiconductive and jacketing compound solutions and wire and cable insulation; and market-driven application development and technical support. The segment remains agile by participating in the entire ethylene-to-polyethylene chain integration, enabling the company to manage market swings with industry-leading feedstock and derivative flexibility, and therefore optimize returns while reducing long-term earnings volatility. The company’s unrivaled value chain ownership is further strengthened by its Pack Studio locations in every geographic region, which help customers and brand owners deliver faster and more efficient packaging product commercialization through a global network of laboratories, technical experts and testing equipment. Hydrocarbons & Energy Hydrocarbons & Energy is a leading global producer of ethylene, a key chemical building block that the company consumes primarily within the Packaging & Specialty Plastics segment. Ethylene is transferred to downstream derivative businesses at market-based prices, which are generally equivalent to prevailing market prices for large volume purchases. In addition to ethylene, the business is a leading producer of propylene and aromatics products that are used to manufacture materials consumers use every day. The business also produces and procures the power and feedstocks used by the company’s manufacturing sites. Packaging and Specialty Plastics Packaging and Specialty Plastics serves growing, high-value sectors using world-class technology, broad existing product lines, and a rich product pipeline that creates competitive advantages for the entire packaging value chain. The business is a recognized leader in the production, marketing and innovation of polyethylene. The business is also a leader in other ethylene derivatives, such as polyolefin elastomers, ethylene vinyl acetate and ethylene propylene diene monomer (EPDM) rubber serving mobility and transportation, consumer, wire and cable and construction end-markets. Market growth is expected to be driven by major shifts in population demographics; improving socioeconomic status in emerging geographic regions; consumer and brand owner demand for increased functionality, including sustainable offerings through lower-carbon and circular solutions; global efforts to reduce food waste; growth in telecommunications networks; global development of electrical transmission and distribution infrastructure; and renewable energy applications, such as wind power and solar (photovoltaic). Products Major applications/market segments and products are listed below by business: Hydrocarbons & Energy: Applications/market segments include purchaser of feedstocks; production of competitive hydrocarbon monomers utilized by the company’s derivative businesses; and energy, principally for use in the company’s global operations. Major products include ethylene, propylene, benzene, butadiene, octene, aromatics co-products, power, steam, and other utilities. Key competitors include Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell, SABIC, Shell, and Sinopec. Packaging and Specialty Plastics: Applications/market segments include adhesives; automotive; caps, closures and pipe applications; construction; cosmetics; electrical transmission and distribution; food and supply chain packaging; footwear; health and hygiene; housewares; industrial specialty applications using polyolefin elastomers, ethylene copolymers, and EPDM; irrigation pipe; mobility; photovoltaic encapsulants; sporting goods; telecommunications infrastructure; and toys and infant products. Major products include acrylics, bio-based plasticizers, copolymer, elastomers, ethylene copolymer resins, EPDM, ethylene vinyl acetate (‘EVA’), methacrylic acid copolymer resins, polyethylene (‘PE’), high-density polyethylene (‘HDPE’), low-density polyethylene (‘LDPE’), linear low-density polyethylene (‘LLDPE’), polyolefin plastomers, resin additives and modifiers, semiconductive and jacketing compound solutions and wire and cable insulation. Key competitors include Borealis, ExxonMobil, INEOS, Lanxess, LyondellBasell, Nova, and SABIC. Joint Ventures This segment includes a portion of the company's share of the results of the following joint ventures: EQUATE Petrochemical Company K.S.C.C. (‘EQUATE’) - A Kuwait-based company that manufactures ethylene, polyethylene and ethylene glycol, and manufactures and markets monoethylene glycol, diethylene glycol and polyethylene terephthalate resins; owned 42.5 percent by the company. The Kuwait Olefins Company K.S.C.C. (‘TKOC’) - A Kuwait-based company that manufactures ethylene and ethylene glycol; owned 42.5 percent by the company. Map Ta Phut Olefins Company Limited (‘Map Ta Phut’) - A Thailand-based company that manufactures propylene and ethylene; the company has an effective ownership of 32.77 percent (of which 20.27 percent is owned directly by the company and aligned with the Industrial Intermediates & Infrastructure segment and 12.5 percent is owned indirectly through the company’s equity interest in Siam Polyethylene Company Limited, an entity that is part of The SCG-Dow Group and aligned with the Packaging & Specialty Plastics segment). Sadara Chemical Company (‘Sadara’) - A Saudi Arabian company that manufactures chlorine, ethylene, propylene and aromatics for internal consumption and manufactures and sells polyethylene, ethylene oxide and propylene oxide derivative products, and isocyanates; owned 35 percent by the company. The company is responsible for marketing a majority of Sadara products outside of the Middle East zone through the company’s established sales channels. As part of this arrangement, the company purchases and sells Sadara products for a marketing fee. In 2021, the company and the Saudi Arabian Oil Company agreed to and began transitioning the marketing rights and responsibilities for Sadara’s finished products to levels more consistent with each partner’s equity ownership, which is being implemented through 2026. This segment also includes the company's share of the results of the following joint ventures: The Kuwait Styrene Company K.S.C.C. - A Kuwait-based company that manufactures styrene monomer; owned 42.5 percent by the company. The SCG-Dow Group - A group of Thailand-based companies (consisting of Siam Polyethylene Company Limited; Siam Polystyrene Company Limited; Siam Styrene Monomer Company Limited; and Siam Synthetic Latex Company Limited) that manufactures polyethylene, polystyrene, styrene, latex and specialty elastomers; owned 50 percent by the company. Investments The company has announced investments that are being progressed over the next several years and are expected to enhance competitiveness. These include: Construction of the world's first net-zero Scope 1 and 2 CO2 equivalent (CO2e) emissions integrated ethylene and derivatives complex in Alberta, Canada. This project is expected to deliver 2 million metric tons of organic growth in attractive, high-end markets while decarbonizing 20% of Dow's global ethylene capacity. Construction of a world-scale polyethylene unit on the U.S. Gulf Coast based on Dow’s proprietary process technologies, to meet consumer-driven demand in specialty packaging, health and hygiene, and industrial and consumer packaging applications. Ongoing collaboration with Mura Technology (Mura) to help solve the global plastics waste issue and advance circularity via circular feedstocks, which are converted into recycled plastics. Mura plans to construct a new facility at Dow's Böhlen site in Germany, the latest in a series of planned facilities across the United States and Europe to rapidly scale advanced recycling of plastics, and the first expected to be based at a Dow site. Plans to construct a clean hydrogen plant in Europe where by-products from core production processes would be converted into hydrogen and CO2. The hydrogen plant would allow Dow's Terneuzen manufacturing site to reduce CO2e emissions by approximately 1.4 million metric tons per year. Project completion and deployment is expected to occur after 2030. The company's ambition includes becoming the most sustainable materials science company, with a strategy to advance the well-being of humanity by helping lead the transition to a sustainable planet and society. This includes lowering energy and greenhouse gas emissions and further enabling a shift to a circular economy for plastics by focusing on resource efficiency and integrating recycled content and renewable feedstocks into its production processes. As part of that strategy, Dow announced the following investments that have been completed or are still being progressed in 2023: In 2022, Dow commissioned the retrofit of its first UNIFINITY Fluidized Catalytic Dehydrogenation (FCDh) technology for cost-advantaged propylene and in 2023 has been optimizing operations of this new technology. The breakthrough propylene manufacturing technology, which the company licenses through Univation Technologies, LLC, a wholly owned subsidiary, can reduce capital outlay by up to 25 percent while lowering energy usage and CO2e emissions by up to 20 percent. The company signs an agreement with French recycling company Valoregen to contribute to building the largest single hybrid recycling site in France, to be owned and operated by Valoregen. The project's 15,000 metric ton mechanical recycling line reached mechanical completion in the fourth quarter of 2023 and the advanced recycling line is expected to start-up in the first half of 2024. This would mark an important step in bringing together mechanical recycling (which processes certain plastic waste into secondary products) and newer, advanced recycling processes (which breaks down mixed, hard-to-recycle plastics into their original naphtha-like liquid form to manufacture new virgin-like polymers). Dow would be the main recipient of Valoregen’s post-consumer resins (PCR), which it would use to develop new plastic products marketed under Dow’s REVOLOOP product range. It would also support the development of Valoregen's recycling technology capabilities. The first Mura plant in the UK commenced commissioning of its 20,000 metric tons advanced recycling facility in the fourth quarter of 2023 and plans to produce feedstocks in the first half of 2024. Dow would be the main recipient of the product produced at this site. The company announces a joint development agreement with X-energy, a nuclear energy innovation company which helps it to advance its greenhouse gas emissions reduction goals through the development and deployment of X-energy's advanced small modular nuclear technology at an industrial site in North America. In 2023, Dow selected its Seadrift Operations manufacturing site in Texas for its proposed advanced small modular reactor (SMR) nuclear project. The project would be focused on providing the Seadrift site with safe, reliable, zero emissions power and steam as existing energy and steam assets near their end-of-life. Continued collaboration with Hanseatic Energy Hub GmbH (HEH) as a minority stakeholder and is working with HEH's members to advance Germany's capabilities to import supplies of liquified natural gas, bio-liquified natural gas and synthetic natural gas through the construction of an import terminal. The HEH consortium is planning to build, own, and operate an import terminal for liquified gases on Dow's Stade, Germany industrial park. The zero-emission terminal would be co-located with Dow's facilities in Stade. Dow is making land available for the construction of the terminal, as well as infrastructure services, off-gas heat, site services and mutual harbor use rights. Dow and privately-held New Energy Blue have reached a long-term supply agreement to produce bio-based ethylene from renewable agricultural residues. This is the first agreement in North America to generate plastic sourced materials from corn stover (stalks and leaves) and is the company's first agreement in North America to utilize agriculture residues for plastic production. Under the terms of the deal, Dow supports the design of New Energy Freedom, a new facility in Iowa that is expected to process corn stover and produce commercial quantities of second-generation ethanol and clean lignin, with nearly half of the ethanol to be turned into bio-based ethylene feedstock reducing CO2e emissions from plastic production, and using it in recyclable applications across transportation, footwear, and packaging. Dow and Reciclar S.A. joined forces to build an efficient model for plastic recycling in Argentina that would produce more than 6,500 tons of post-consumer plastic resin. This collaboration agreement with Reciclar S.A. would last three years and aims to improve the capacity of Reciclar S.A. to process waste on a larger scale and produce high-quality post-consumer plastic materials under the REVOLOOP brand. Dow has signed several renewable and cleaner power agreements which are expected to reduce Scope 2 emissions by more than 600,000 metric tons of CO2e per year. Industrial Intermediates & Infrastructure segment The Industrial Intermediates & Infrastructure operating segment consists of two customer-centric global businesses - Industrial Solutions and Polyurethanes & Construction Chemicals that develop important intermediate chemicals that are essential to manufacturing processes, as well as downstream, customized materials and formulations that use advanced development technologies. These businesses primarily produce and market ethylene oxide and propylene oxide derivatives that are aligned to market segments as diverse as appliances, coatings, furniture and bedding, construction, mobility and automotive, electronics, surfactants for cleaning and sanitization, infrastructure and oil and gas. The businesses' global scale and reach, world-class technology, research and development capabilities and materials science expertise enable the company to be a premier solutions provider offering customers value-added sustainable solutions to enhance comfort, energy efficiency, product effectiveness and durability. Industrial Solutions Industrial Solutions provides a broad portfolio of solutions that enable and improve the manufacture of consumer and industrial goods and services. The business’ solutions minimize friction and heat in mechanical processes; manage the oil and water interface; deliver ingredients for maximum effectiveness; facilitate dissolvability; enable product identification; decarbonize oil and gas products; reduce energy and water use in textiles; and provide the foundational building blocks for the development of chemical technologies. The business supports manufacturers across a large variety of end-markets, notably coatings, detergents and cleaners, crop protection, pharmaceuticals, electronics, oil and gas, inks and textiles. The business is a leading producer of purified ethylene oxide, ethylene amines and ethanol amines. Polyurethanes & Construction Chemicals Polyurethanes & Construction Chemicals consists of three businesses: Polyurethanes, Chlor-Alkali & Vinyl (‘CAV’) and Construction Chemicals. The Polyurethanes business is the world’s largest producer of propylene oxide, propylene glycol and polyether polyols; and a leading producer of aromatic isocyanates and fully formulated polyurethane systems for rigid, semi-rigid and flexible foams, as well as coatings, adhesives, sealants, elastomers and composites that serve energy efficiency, consumer comfort, industrial and enhanced mobility market sectors. The CAV business provides chlorine and caustic soda supply and markets caustic soda, a valuable co-product of the chlor-alkali manufacturing process, and ethylene dichloride and vinyl chloride monomer. The CAV business' assets are predominantly in Western Europe and Latin America and largely produce materials for internal consumption. The Construction Chemicals business provides cellulose ethers, redispersible latex powders, and acrylic emulsions used as key building blocks for differentiated building and construction materials across many market segments and applications ranging from roofing and flooring to gypsum-, cement-, concrete- and dispersion-based building materials. Both Polyurethanes and Construction Chemicals deliver sustainable products aligned toward green building markets yielding reduced environmental impacts and lower product intensity compared to traditional offerings. Products Major applications/market segments and products are listed below by business: Industrial Solutions: Applications/market segments include broad range of products for specialty applications, including pharmaceuticals, agriculture crop protection offerings, aircraft deicing, solvents for coatings, heat transfer fluids for concentrated solar power, construction, solvents for electronics processing, food preservation, fuel markers, industrial and institutional cleaning, infrastructure applications, lubricant additives, paper, transportation and utilities; products for energy markets including exploration, production, transmission, refining, mining and gas processing to optimize supply, improve efficiencies and manage emissions. Major products include butyl glycol ethers, VERSENE Chelants, UCAR Deicing Fluids, ethanolamines, ethylene oxide (EO), ethyleneamines, UCON Fluids, DOWANOL glycol ethers, DOWTHERM Heat Transfer Fluids, higher glycols, isopropanolamines, low-VOC solvents, methoxypolyethylene glycol, methyl isobutyl, polyalkylene glycol, CARBOWAX, SENTRY, Polyethylene Glycol, TERGITOL, TRITON and ECOFAST Pure Surfactants, demulsifiers, drilling and completion fluids, heat transfer fluids, rheology modifiers, scale inhibitors, shale inhibitors, specialty amine solvents, surfactants, water clarifiers, and frothing separating agents. Key competitors are BASF, Eastman, Hexion, Huntsman, INEOS, LyondellBasell, SABIC, Sasol, and Shell. Polyurethanes & Construction Chemicals: Applications/market segments include aircraft deicing fluids; alumina, pulp and paper; appliances; automotive; bedding; building and construction; flooring; footwear; heat transfer fluids; hydraulic fluids; infrastructure; mobility; packaging; textiles and transportation; construction; caulks and sealants; cement-based tile adhesives; concrete solutions; elastomeric roof coatings; industrial non-wovens; plasters and renders; roof tiles and siding; and sport grounds and tape joint compounds. Major products include aniline, caustic soda, ethylene dichloride (‘EDC’), methylene diphenyl diisocyanate (‘MDI’), polyether polyols, propylene glycol (‘PG’), propylene oxide (‘PO’), polyurethane systems, toluene diisocyanate (‘TDI’), vinyl chloride monomer (‘VCM’), AQUASET Acrylic Thermosetting Resins, DOW Latex Powder, RHOPLEX and PRIMAL Acrylic Emulsion Polymers, and WALOCEL Cellulose Ethers. Key competitors are Arkema, Ashland, BASF, Covestro, Eastman, Huntsman, and Wanhua. Joint Ventures This segment includes a portion of the company's share of the results of EQUATE, TKOC, Map Ta Phut and Sadara. Investments The company expects to make investments over the next several years to enhance competitiveness in its Polyurethanes & Construction Chemicals and Industrial Solutions businesses. The investments would include alkoxylation capacity expansions and finishing capabilities; investments to support growth in polyurethane systems; and efficiency improvements around the world. In 2023, the company benefited from the completion of an integrated MDI distillation and prepolymers facility along the U.S. Gulf Coast to increase distillation capabilities by 30 percent versus prior levels, which is expected to improve integrated margins for the portfolio. The company further progresses and scales key projects aligned to longer-term sustainability goals across the world leading propylene glycol franchise including propylene glycol RDC (lower carbon) featuring DECARBIA bio-based technology from second generation bio-based raw material, and propylene glycol CIR (circular) featuring RENUVA recycled content from post-consumer waste streams. In 2023, the Industrial Solutions business completes investments on the U.S. Gulf Coast and in Europe to expand capacity of specialty amines and alkoxylation chemistries to serve fast growing energy transition, pharmaceutical, home care, cleaning, and agriculture end-markets. In 2023, the company progressed the following: Successful startup and operation of hydrogen to peroxide to propylene glycol pilot plant with Evonik at its site in Hanau, Germany. In contrast to the traditional process, where propylene is used to make propylene oxide, which is converted to propylene glycol through hydrolysis, the pilot plant leverages the HYPROSYN process, which uses a novel catalytic system to generate propylene glycol directly from propylene and hydrogen peroxide. The integration of all key reaction stages in a single reactor eliminates the need of additional investments in propylene oxide capacity and lowers capital requirements. The process also enables a reduced environmental footprint. Expansion of propylene glycol capacity at its existing joint venture facility in Map Ta Phut, Thailand by 80,000 tons per year – bringing total capacity to 250,000 tons per year. The additional capacity would support customer growth across Asia Pacific and India and is expected to come online in 2024. Expansion of alkoxylation capacity in the United States and Europe. These investments build on previously announced capacity expansions, increasing the company's global alkoxylation capacity by 70 percent versus the 2020 baseline, collectively. The additional capacity is needed to support increasing demand across a wide range of fast-growing end-markets where the company is delivering 10 percent to 15 percent annual growth rates, from home and personal care to industrial and institutional cleaning solutions and pharmaceuticals. The investments are backed by supply agreements with customers, including leading consumer brands, and are expected to come online in the United States and Europe in 2024 and 2025, respectively. Dow and Orion Chemicals Orgaform together with Eco-mobilier, H&S Anlagentechnik and The Vita Group have inaugurated a pioneering mattress recycling plant as part of the RENUVA program. This is a major step forward for the recovery and recycling of polyurethane foam and a significant advancement to close the loop for end-of-life mattresses. At full capacity, the plant would process up to 200,000 mattresses per year to address growing mattress waste. Performance Materials & Coatings segment The Performance Materials & Coatings operating segment includes industry-leading franchises that deliver a wide array of solutions into consumer, infrastructure and mobility end-markets. The segment consists of two global businesses: Coatings & Performance Monomers and Consumer Solutions. These businesses primarily utilize the company's acrylics-, cellulosics- and silicone-based technology platforms to serve the needs of the architectural and industrial coatings; home care and personal care; consumer and electronics; mobility and transportation; industrial and chemical processing; and building and infrastructure end-markets. Both businesses employ materials science capabilities, global reach and unique products and technology combining chemistry platforms to deliver differentiated, market-driven and sustainable innovations to customers. Coatings & Performance Monomers Coatings & Performance Monomers consists of two businesses: Coating Materials and Performance Monomers. The Coating Materials business makes critical ingredients and additives that help advance the performance of paints and coatings. The business offers innovative and sustainable products to accelerate paint and coatings performance across diverse market segments, including architectural paints and coatings, as well as industrial coatings applications used in maintenance and protective industries, wood, metal packaging, traffic markings, thermal paper and leather. These products enhance coatings by improving hiding and coverage characteristics, enhancing durability against nature and the elements, lowering or eliminating volatile organic compounds (VOC) content, reducing maintenance and improving ease of application. The Performance Monomers business manufactures acrylics-based building blocks needed for the production of coatings, textiles, adhesives and home and personal care products. Consumer Solutions Consumer Solutions consists of two businesses: Performance Silicones & Specialty Materials and Silicone Feedstocks & Intermediates. The Performance Silicones & Specialty Materials business delivers an unmatched portfolio of performance-enhancing materials to meet the diverse needs of customers in fast-growing markets, including building and infrastructure; consumer and electronics; industrial and chemical processing; mobility and transportation; home care; and personal care. It focuses resources on delivering valuable differentiation via market-driven innovations and sustainable solutions, which address lower-carbon footprint and circularity goals while enabling continued growth. The Silicone Feedstocks & Intermediates business focuses on maximizing productivity and optimizing margins by leveraging Dow’s scale and global reach. It is charged with producing silicon metal, siloxanes and intermediates, which are key materials to manufacture differentiated downstream silicone products. Products Major applications/market segments and products are listed below by business: Coatings & Performance Monomers: Applications/market segments include acrylic binders for architectural paints and coatings, industrial coatings and paper; adhesives; dispersants; impact modifiers; inks and paints; opacifiers and surfactants for both architectural and industrial applications; plastics additives; processing aids; protective and functional coatings; and rheology modifiers. Major products include ACOUSTICRYL Liquid-Applied Sound Damping Technology; acrylates; ACRYSOL Rheology Modifiers; AVANSE Acrylic Binders; EVOQUE Pre-Composite Polymer; foam cell promoters; FORMASHIELD Acrylic Binder; high-quality impact modifiers; MAINCOTE Acrylic Epoxy Hybrid; methacrylates; processing aids; RHOPLEX Acrylic Resin; TAMOL Dispersants; FASTRACK Road Marking Resins; vinyl acetate monomers; and weatherable acrylic capstock compounds for thermoplastic and thermosetting materials. Key competitors include Arkema, BASF, Celanese, Evonik, LyondellBasell, and Wacker Chemie. Consumer Solutions: Applications/market segments include personal care and home care; mobility and transportation; building and infrastructure; consumer and electronics; and industrial and chemical processing. Major products include adhesives and sealants; antifoams and surfactants; coatings and controlled release; coupling agents and crosslinkers; fluids, emulsions and dispersions; formulating and processing aids; granulation and binders; oils; polymers and emollients; opacifiers; reagents; resins, gels and powders; rheology modifiers; rubber; solubility enhancers; aerospace composites; surfactants and solvents; encapsulants for solar photovoltaic applications; ACUSOL PRIME 1 Polymer; AMPLIFY Si PE 1000 Polymer System; bio-based, readily biodegradable SunSpheres BIO SPF Booster; DOWSIL Silicone Products; SILASTIC Silicone Elastomers; and SYL-OFF Silicone Release Coatings. Key competitors include Elkem, Momentive, Shin-Etsu, and Wacker Chemie. Investments In 2023, several key growth capital projects around the globe were brought online to meet customer needs in fast-growing markets. These include: Debottlenecking of silicone key intermediates enabling downstream growth globally across multiple end-markets, such as building and infrastructure, mobility and transportation, and consumer and electronics. Capacity expansions in EMEAI to meet demand growth for sustainable silicone solutions in the personal care industry. Capacity expansions in Asia Pacific to meet growing demand for mobility and transportation end-markets. Incremental capacity expansion in the United States to accelerate growth in targeted applications within consumer and electronics, as well as the building and infrastructure end-markets. By leveraging global scale and a broad innovation portfolio, the company is well-positioned to deliver differentiated solutions and sustainable materials in key end-markets, including building and infrastructure, electronics, industrial, mobility, and home and personal care. Significant Customers and Products All products and services are marketed primarily through the company’s sales force, although in some instances more emphasis is placed on sales through distributors. Patents, Licenses and Trademarks The company continually applies for and obtains the U.S. and foreign patents and has a substantial number of pending patent applications throughout the world. As of December 31, 2023, the company owned approximately 3,900 active U.S. patents and 25,000 active foreign patents. The company is party to a substantial number of patent licenses, including intellectual property cross-license agreements and other technology agreements, and also has a substantial number of trademarks and trademark registrations in the United States and in other countries, including the ‘Dow in Diamond’ trademark. Other Activities The company engages in property and casualty insurance and reinsurance primarily through its Liana Limited subsidiaries. Research and Development For the year ended December 31, 2023, the company’s research and development expenses included $829 million. History Dow Inc. was incorporated in 2018 under Delaware law.