Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Annual Report 77± 350K
8: EX-3.(II) Articles of Incorporation/Organization or By-Laws 15± 63K
3: EX-10.(F) Material Contract 4± 15K
2: EX-10.(O) Material Contract 7± 29K
4: EX-11 Statement re: Computation of Earnings Per Share 1 8K
5: EX-21 Subsidiaries of the Registrant 7± 29K
6: EX-23 Consent of Experts or Counsel 1 8K
7: EX-27 Financial Data Schedule (Pre-XBRL) 1 7K
EX-21 — Subsidiaries of the Registrant
EXHIBIT 21
SUBSIDIARIES OF THE DOW CHEMICAL COMPANY
Location of Percent
Incorporation Ownership
or Organization*
The Dow Chemical Company: Delaware
Admiral Equipment Co. Delaware 100
Admiral Equipment Japan Ltd. (Admiral Nihon K.K.) Japan 100
Arabian Chemical Company Limited (1) Saudi Arabia 50
Arabian Chemical Company (Latex) Limited (1) Saudi Arabia 50
Boride Products, Inc. Michigan 100
DC Partnership Management Inc. Delaware 100
DowBrands L.P. (9) Delaware 1
DCOMCO, Inc. Delaware 100
DCU/LB Trust (1) California 50
DVCA-21 Holding, C.A. Venezuela 100
Dow Venezuela, C.A. Venezuela 100
CV Services Ltd. Cayman Islands 100
Destec Energy, Inc. Delaware 76
Destec Europe S.A. France 100
Destec Holdings, Inc. Delaware 100
Destec Ventures, Inc. Delaware 100
Louisiana Gasification Technology, Inc. Delaware 100
Dexco Polymers (1) Texas 50
Diamond Capital Management Inc. Delaware 100
Diamond Technology Partnership Company (10) Delaware 88
Chemtech Royalty Associates, L.P. (11) Delaware 81
Chemtech Portfolio Inc. Texas 100
Ifco Inc. Delaware 100
Dow Environmental Inc. Delaware 100
Dow America Latina S.A. Uruguay 100
Dow Austria Ges. mbH Austria 100
Dow Centroamerica S.A. Costa Rica 100
Dow Chemical (Australia) Limited Australia 100
Dow Australia Superannuation Fund A Pty Ltd Australia 100
Dow Australia Superannuation Fund B Pty Ltd Australia 100
Dow Chemical Canada Inc. Canada 100
Dow Capital B.V. Netherlands 100
Dow International Financial Services Ireland 100
Dow Capital Public Limited Company Ireland 100
Dow International Service Center, N.V. Belgium 100
Dow Pipeline Ltd. Canada 100
DowBrands Canada Inc. Canada 100
Fort Saskatchewan Ethylene Storage
Limited Partnership (1) Canada 50
H-D Tech Inc. (1) Canada 50
Dow Chemical (China) Ltd. Delaware 100
Dow Chemical Company Limited United Kingdom 100
Cromarty Petroleum Company Limited (1) United Kingdom 50
Dow Chemical Delaware Corp. Delaware 100
Dow Chemical (Hong Kong) Limited Hong Kong 100
Dow Chemical International Inc. (Panama) Panama 100
*Primary location of organization is reported for partnerships.
76
Location of Percent
Incorporation Ownership
or Organization*
Dow Chemical International Ltd. Delaware 100
Dow Chemical Thailand Limited Thailand 100
Dow Europe Holding N.V. (12) Netherlands 3
Dow Belgium Belgium 100
Dow Benelux N.V. Netherlands 100
DowBrands B.V. Netherlands 100
Polyol Belgium N.V. Belgium 1
Rofan Automation and Information Systems B.V. Netherlands 100
Dow Chemical Iberica S.A. Spain 99
DowBrands Espanola S.A. Spain 100
Transformadora De Estileno S.A. (1) Spain 50
Dow Danmark A/S Denmark 100
Dow France S.A. France 100
DowBrands SA France 100
Dow Norge A/S Norway 100
Dow Suomi OY Finland 100
Dow Sverige AB Sweden 100
Polyol International B.V. Netherlands 100
Polyol Belgium N.V. Belgium 99
Dow Portugal, Productos Quimicos, Lda. (8) Portugal 26
Petroquimica-Dow S.A. (Petrodow) Chile 70
Dow Chemical Japan Limited (17) Japan 88
Dow Chemical Korea Limited Korea 100
Dow Chemical (NZ) Limited New Zealand 100
Dow Chemical Pacific Limited Hong Kong 100
Ulsan Pacific Chemical Corporation Korea 80
Dow Chemical (Singapore) Private Limited Singapore 100
Dow Chemical Taiwan Ltd. Taiwan 100
Dow Credit Corporation Delaware 100
Dow Deutschland Inc. Delaware/Germany 100
Dow Chemical Inter-American Limited Delaware 100
Dow Quimica de Colombia S.A. (6) Colombia 10
Dow Deutschland Anlagengesellschaft mbH Germany 100
Dow Hungary Chemicals Limited Liability Company Hungary 100
Dow Turkiye A.S. (3) Turkey 40
DowBrands GmbH Germany 100
Epoxital S.R.L. (1) Italy 50
Safechem Umwelt Service GmbH Germany 51
Dow Engineering Company Delaware 100
Dow Engineering, Inc. Michigan 100
Dow Europe Holding N.V. (12) Netherland 97
Dow Europe S.A. Switzerland 100
Chemtech Royalty Associates, L.P. (11) Delaware 1
Dow Export S.A. Switzerland 100
Dow Turkiye A.S. (3) Turkey 1
Dow Factoring Company S.A. Switzerland 100
Dow Financial Holdings Inc. Delaware 100
DowBrands L.P. (9) Delaware 38
Dow Holdings Inc. Delaware 100
Dow Corning Corporation (1) Michigan 50
Marion Merrell Dow Inc. (7) Delaware 27
Dow Hellas A.E. Greece 100
Dow Hydrocarbons and Resources Inc. Delaware 100
Cayuse Pipeline, Inc. Texas 100
77
Location of Percent
Incorporation Ownership
or Organization*
Dow Intrastate Gas Company Louisiana 100
Dow Pipeline Company Texas 100
Midland Pipeline Corp. Delaware 100
Fort Saskatchewan Ethylene Storage
Corporation (1) Canada 50
Promix System Louisiana 88
Dow International B.V. Netherlands 100
Dow Italia S.p.A. Italy 100
First Chemical Factoring SpA Italy 100
Dow Kakoh Kabushiki Kaisha Japan 65
Dow Chemical Kasei Limited (1) Japan 50
Dow Portugal, Productos Quimicos, Lda. (8) Portugal 74
Dow Quimica Argentina S.A. (13) Argentina 55
Dow Quimica Chilena S.A. Chile 100
Anticorrosivos Industriales Limitada (1) Chile 50
Dow Quimica de Colombia S.A. (6) Colombia 90
Dow Quimica Mexicana S.A. de C.V. Mexico 100
Dow Quimica S.A. Brazil 100
Dow Produtos Quimicos Ltda. Brazil 100
Mineracao e Quimica do Nordeste S.A. Brazil 100
Merrell Lepetit Farmaceutica e Industrial
Ltda. (2) Brazil 14
Spuma-Pac Industria e Comercio de
Embalagens e Participacoes Ltda. Brazil 100
Keytil Sociedad Anonima Uruguay 100
Merrell Lepetit Farmaceutica e Industrial
Ltda. (2) Brazil 86
Dow Services Singapore Pte Ltd. Singapore 100
Dow Financial Holdings Singapore Pte Ltd. Singapore 100
Dow Trading S.A. Switzerland 100
Dow Turkiye A.S. (3) Turkey 59
Dow-United Technologies Composite Products, Inc. (1) Delaware 50
DowBrands Inc. Delaware 100
DowBrands L.P. (9) Delaware 31
El Dorado Terminals Company (1) New Jersey 50
Essex Chemical Corporation New Jersey 100
Pioneer Pharmaceuticals, Inc. New Jersey 100
Essex Specialty Products, Inc. New Jersey 100
Diamond Technology Partnership Company (10) Delaware 12
Essex Specialty Products, Inc., Canada Canada 100
Expandite-Essex Pty. Limited (1) Australia 50
Gurit-Essex A.G. (1) Switzerland 50
Etoxilados del Plata S.A. Argentina 100
FilmTec Corporation Delaware 100
Great Western Pipeline Company, Inc. California 100
HD Polyurethane Company (1) Korea 50
Joliet Marine Terminal Trust Estate (1) Illinois 50
Latin American Pharmaceuticals, Inc. Delaware 100
Dow Quimica Argentina S.A. (13) Argentina 45
Laboratorios Lepetit de Mexico, S.A. de C.V. Mexico 100
Lepetit International Inc. Panama 100
Liana Limited Delaware 100
Dorinco Reinsurance Company Michigan 100
Dorintal Reinsurance Limited Bermuda 100
Timber Insurance Limited Bermuda 100
78
Location of Percent
Incorporation Ownership
or Organization*
Marion Merrell Dow Inc. (7) Delaware 24
Blue Ridge Laboratories, Inc. Delaware 100
Marion & Company Delaware 100
Marion Merrell Dow Canada Health
Management Inc. (4) Canada 71
Clinidata Inc. Canada 100
Marion Merrell Dow Canada Inc. Canada 100
Marion Merrell Dow International
Finance Company (16) Ireland 10
Marion Merrell Dow Internacional Servicos
de Gestao, Lda (14) Portugal 50
Canada Pharmacal Co. Limited Canada 100
J.C.P. Laboratories Inc. Canada 100
Marion Merrell Dow Canada Research Inc. Canada 100
Marion Merrell Dow International Finance
Company (16) Ireland 90
Marion Merrell Dow Canada Services, Inc Canada 100
Marion Merrell Dow Intercontinental Ltd. Delaware 100
Marion Merrell Dow Korea Korea 100
Marisub, Inc. Delaware 100
The Rugby Group Inc. New York 100
Chelsea Laboratories Inc. New York 100
Chelsea Labs Caribe Delaware 100
Marisub V, Inc. (15) Delaware 83
Carderm Capital L.P. (18) Delaware 84
Carderm Investments Inc. Delaware 100
TWFC, Inc. Bermuda 100
Marisub VII, Inc. Delaware 100
Merrell Dow Pharmaceuticals Inc. Delaware 100
Biochimica Del Salento S.p.A. Italy 100
Marion Merrell Dow Internacional Servicos
de Gestao, Lda (14) Portugal 50
Gruppo Lepetit S.p.A. Italy 100
Gruppo Lepetit Trading Srl Italy 100
Hammer Pharma S.p.A. Italy 100
Marion Merrell Dow Australia Pty. Limited Australia 100
Marion Merrell Dow Consumer Products Inc. Delaware 100
Marion Merrell Dow (Europe) A.G. Switzerland 100
Carderm Capital L.P. (18) Delaware 1
Marion Merrell Dow Canada Health
Management Inc. (4) Canada 29
Marion Merrell Dow GmbH Germany 100
Henning Berlin GmbH (Berlin) Germany 100
Dynopharm GmbH Pharmaceutica Germany 100
Marion Merrell Dow K.K. Japan 99
Kopharm Inc. California 100
Marion Merrell Dow Limited United Kingdom 100
Marion Merrell Dow (N.Z.) Limited New Zealand 100
Marion Merrell Dow N.V./S.A. Belgium 100
Marion Merrell Dow Puerto Rico Inc. Puerto Rico 100
Marion Merrell Dow S.A. France 100
Marion Merrell Dow et Cie (SNC) France 100
Marion Merrell Dow S.A. Spain 100
Marion Merrell Dow Sociedade Quimica, S.A. Portugal 100
Marisub FSC, Inc. Barbados 100
Marisub V, Inc. (15) Delaware 17
Selectide Corporation Delaware 100
79
Location of Percent
Incorporation Ownership
or Organization*
P.T. Dow Polymers Indonesia Indonesia 80
P.T. Pacific Indomas Plastic Indonesia (1) Indonesia 50
Primera-Industria e Comercio Ltda. Brazil 100
Productos Quimicos Peruanos S.A. Peru 100
RH Acquisition Corp. Delaware 100
Marion Merrell Dow Inc. (7) Delaware 21
Rofan Services Inc. Delaware 100
Airco Generon Systems LP (1) Delaware 50
DH Compounding Company (1) Delaware 50
DowElanco Indiana 60
Dintec Agrichemicals Indiana 66
DowElanco Agricultural Products Limited Mauritius 100
DowElanco China Ltd. Delaware 100
DowElanco International Ltd. Delaware 100
DowElanco (Thailand) Ltd. Thailand 100
United AgriSeeds, Inc. Delaware 100
DowElanco B.V. Netherlands 60
Dintec Agroquimica Produtos Quimicos Lda Portugal 66
Dow Chemical Japan Limited (17) Japan 12
DowElanco Argentina S.A. Argentina 100
DowElanco Australia Limited Australia 100
DowElanco Canada Inc. Canada 100
DowElanco Chile S.A. Chile 100
DowElanco Danmark A/S Denmark 100
DowElanco de Colombia S.A. Colombia 100
DowElanco Export S.A. France 100
DowElanco GmbH Germany 100
DowElanco Iberica S.A. Spain 100
DowElanco Industrial Ltda. Brazil 100
DowElanco Italia S.r.L. Italy 100
DowElanco Limited United Kingdom 100
DowElanco (Malaysia) Sdn Bhd Malaysia 100
DowElanco Mexicana, S.A. de C.V. Mexico 100
DowElanco (NZ) Limited New Zealand 100
DowElanco Pflanzenschutzmittel Vertriebs
G.m.b.H. Austria 100
DowElanco Pacific Limited Hong Kong 100
DowElanco S.A. France 100
DowElanco Sverige AB Sweden 100
DowElanco Taiwan Ltd. Taiwan 100
DowElanco Tarim A.S. Turkey 100
DowElanco Uruguay SA Uruguay 100
DowElanco Venezuela, C.A. Venezuela 100
P.T. Pacific Chemicals Indonesia Indonesia 100
Generon Systems (1) Delaware 50
Generon Systems A.G. (1) Switzerland 50
Generon Systems Inc. Delaware 100
Styron Asia Limited (1) Hong Kong 50
Sumitomo Dow Limited (1) Japan 50
Tecnica Petroquimica de Centro America S.A. Guatemala 100
The Cynara Company (5) Texas 90
Zhejiang Pacific Chemical Corporation (1) China 50
80
(1) Separate financial statements for these companies have been
omitted because of the absence of the conditions under
which they are required.
(2) Dow Quimica S.A. effective ownership of this company is 100%,
86% of which is held by Dow Quimica S.A. and 14% of which is
held by Mineracao e Quimica do Nordeste S.A.
(3) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 59%, Dow Deutschland Inc.
owns 40% and Dow (Europe) S.A. owns 1%.
(4) The Marion Merrell Dow Inc. effective ownership of this company
is 100%, of which Marion Merrell Dow Inc.directly owns 71.4% and
Merrell Dow Pharmaceuticals Inc. owns 28.6%.
(5) The Cynara Company is a Texas limited partnership of which The
Dow Chemical Company is the sole general partner.
(6) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 90% and Dow
Chemical Inter-American Limited owns 10%.
(7) The Dow Chemical Company effective ownership of this company is
71.15% of which The Dow Chemical Company owns 23.83%, RH Acquisition
Corp. owns 20.22% and Dow Holdings, Inc. owns 27.10%.
(8) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 74% and Dow Chemical
International Ltd. owns 26%.
(9) The Dow Chemical Company effective ownership of this company is
68.98% of which DowBrands Inc. owns 31.02%, Dow Financial Holdings Inc.
owns 37.92% and DC Partnership Management Inc. owns .04%.
(10) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 88.4848% and Essex
Specialty Products owns 11.5152%.
(11) The Dow Chemical Company effective ownership of this company is
82.1627% of which Diamond Technology Partnership Company owns
81.0972%, and Dow (Europe) S.A. owns 1.0655%.
(12) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 96.77% and Dow Chemical
International Ltd. owns 3.23%.
(13) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 54.75% and Latin American
Pharaceuticals, Inc. owns 45.25%.
(14) The Marion Merrell Dow Inc. effective ownership of this company
is 100%, of which Biochimica Del Salento S.p.A.owns 50% and Marion
Merrell Dow Canada, Inc. owns 50%.
(15) The Marion Merrell Dow Inc. effective ownership of this company
is 100%, of which Marion Merrell Dow Inc. owns 82.60% and Merrell Dow
Pharmaceuticals Inc. owns 17.40%.
(16) The Marion Merrell Dow Inc. effective ownership of this company
is 100%, of which Marion Merrell Dow Canada Inc. owns 10% and Marion
Merrell Dow Canada Research Inc. owns 90%.
(17) The Dow Chemical Company effective ownership of this company is
100% of which The Dow Chemical Company owns 87.5% and DowElanco B.V.
owns 12.5%.
(18) The Marion Merrell Dow Inc. effective ownership of this company
is 85.5%, of which Marisub V, Inc. owns 84.5% and Marion Merrell Dow
(Europe) A.G. owns 1%.
81
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