Dow AgroSciences Posts 24% Gain

Matt Hopkins Posted by Matt Hopkins|28 October 2008

Although its third quarter profits fell, Dow Chemical Co.’s Indianapolis-based AgroSciences unit performed at an historic pace, posting record third quarter sales of US $976 million – 24% higher than the same period last year. In addtion to what it called “robust global demand" for agricultural output and higher demand for sunflower oil and seed in Latin America, Dow Agrosciences credited acquisitions of Dairyland Seed and Renze Hybrids – the the fifth and sixth purchases that Dow AgroSciences has completed since May 2007 – with helping out the bottom line.

Dow said the company’s overall performance in the third quarter was hurt by a decline in shipment volumes and hurricane-related shutdowns, and expects to "see a global recession through most of 2009," according to Chief Executive Andrew Liveris warned in a statement, as reported by Reuters.