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Dow Corning Profits Fall 36%
9:54 AM MDT | July 31, 2012 | Rebecca Coons
Dow Corning, a 50/50 joint venture between Corning and Dow Chemical, says depressed polysilicon prices and economic volatility in Europe were to blame for a deep decline in second quarter earnings. The company posted net income of $121 million, down 36% from the year-ago quarter, on sales 6% lower, at $1.57 billion. “The first half of 2012 presented significant challenges as oversupply in both the silicone and polycrystalline silicon industries, combined with high raw material costs, continued to impact our performance,” says executive v.p. and CFO J...
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