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Jan 26, 2017

Dow Chemical posts 14% rise in revenue on Corning deal

Dow Chemical

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Dow Chemical Co (DOW.N) reported a 14 per cent increase in quarterly revenue, helped by its move to take full control of Dow Corning, which was previously a joint venture with Gorilla glass maker Corning Inc.

Excluding the transaction, Dow's sales rose 2.5 per cent to US$11.75 billion in the fourth quarter ended Dec. 31, with increases in four of five businesses.

"We are seeing early signs of positive economic momentum, with the United States in expansionary mode, driven by the ongoing strength of the consumer and the tailwind of a new incoming administration promising structural reforms," Chief Executive Andrew Liveris said in a statement.

Liveris was appointed by President Donald Trump to lead a private-sector group on manufacturing that will advise the U.S. secretary of commerce.

Dow is merging with DuPont in a US$130 billion deal that has drawn scrutiny from regulators, particularly in the European Union.

DuPont said on Tuesday the merger, announced in December 2015, may not close in the first quarter as planned and will now likely close in the first half of the year.

"We are highly confident in the transaction," Howard Ungerleider, Dow's chief financial officer, told Reuters, adding that company was working with key regulators around the world.

Excluding a one-time US$1.1 billion charge, reflecting a change in the way the Dow accounts for legal costs associated with defending against asbestos claims, the company's operating profit rose 6.5 percent to 99 cents per share.

Net loss attributable to Dow's shareholders was US$33 million, or 3 cents per share, in the fourth quarter, compared with a profit of US$3.53 billion, or US$2.94 per share, a year earlier.

The company's net sales rose to US$13.02 billion from US$11.46 billion.