Dow Chemical's largest single-place investment is located in the outskirts of Vladimir, Russia's ancient capital. The plant’s sales account for one-third of Dow’s annual sales of US$700 million in the Russian market.
Five years ago, Dow and Izolan, a Russian chemical company, set up a joint venture to produce polyurethane. It is mainly used for the production of high-rebound soft foams for the insulation of automobile steering wheels, shoe soles, refrigerators and oil pipelines.
The joint venture plant can produce 100,000 tons of component B, which is equivalent to half of the chemical raw materials needed for the entire polyurethane system. There are more than 1,000 customers in Russia and the former Soviet Union.
Dow Chemical Europe, Middle East and Africa General Manager Jon Penrice said in an interview with the Moscow Times that Dow did not specifically change international business practices to gain success in the Russian market, but Dow did manage to adapt to the Russian market environment. Penrice also pointed out that Russia's growth market is mainly concentrated in infrastructure, oil, natural gas, and residential and industrial construction. However, in mature western markets, the development of these areas has been completed 25 years ago. Most of the Russian industrial market rose by 5%-10%, so Dow is very optimistic about the Russian market.
Dow and Izolan signed a joint venture agreement in 2006 after long-term cooperation between the two parties. In 2009, the two sides invested 1.2 billion rubles to build factories.
About 2.8 million U.S. dollars are invested in the expansion of investment factories every year, and the production capacity has increased from 63,000 tons in 2009 to the current 100,000 tons.
Dow's vice president, George Hamilton, said he hopes to double sales to $1.5 billion in 2012.
Five years ago, Dow and Izolan, a Russian chemical company, set up a joint venture to produce polyurethane. It is mainly used for the production of high-rebound soft foams for the insulation of automobile steering wheels, shoe soles, refrigerators and oil pipelines.
The joint venture plant can produce 100,000 tons of component B, which is equivalent to half of the chemical raw materials needed for the entire polyurethane system. There are more than 1,000 customers in Russia and the former Soviet Union.
Dow Chemical Europe, Middle East and Africa General Manager Jon Penrice said in an interview with the Moscow Times that Dow did not specifically change international business practices to gain success in the Russian market, but Dow did manage to adapt to the Russian market environment. Penrice also pointed out that Russia's growth market is mainly concentrated in infrastructure, oil, natural gas, and residential and industrial construction. However, in mature western markets, the development of these areas has been completed 25 years ago. Most of the Russian industrial market rose by 5%-10%, so Dow is very optimistic about the Russian market.
Dow and Izolan signed a joint venture agreement in 2006 after long-term cooperation between the two parties. In 2009, the two sides invested 1.2 billion rubles to build factories.
About 2.8 million U.S. dollars are invested in the expansion of investment factories every year, and the production capacity has increased from 63,000 tons in 2009 to the current 100,000 tons.
Dow's vice president, George Hamilton, said he hopes to double sales to $1.5 billion in 2012.
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