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Dow Agro profit soars on demand, higher prices

October 23, 2008
Indianapolis-based Dow AgroSciences churned out $61 million in profit in the third quarter on soaring global demand for its agricultural chemicals and seeds and its success in charging higher prices. The figure included a $27 million charge for acquisition costs and hurricane damages.

Dow AgroSciences reported a $15 million profit in the same quarter last year after including a similar, $50 million, charge.

Sales of $976 million in the most recent quarter were up 24 percent from a year earlier due largely to boosting prices by an average of 16 percent.

Dow AgroSciences is a division of Dow Chemical Co. of Midland, Mich., and has about 1,000 workers at its northwest-side headquarters.

On Monday, Dow AgroSciences announced that it is filling 350 positions worldwide, including 200 workers in Indianapolis, and that it anticipates expanding the headcount into next year.

Driving the growth is global demand for food, feed, fiber and fuel, the company said.

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