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Dow Slashes Dividend, Scales Back Expansion Plans

10:37 AM MST | February 23, 2009 | KARA SISSELL AND ROBERT WESTERVELT

Dow Chemical last week slashed its quarterly dividend, permanently shut a Texas polyolefins site, and scaled back plans for projects in the U.S. and South America. Dow’s announcements come as it prepares to defend against a Rohm and Haas (R&H) lawsuit seeking to force a follow through of Dow’s previously proposed $18.8-billion acquisition of R&H. Dow backed away from that deal following the collapse of its planned petrochemical joint venture with Kuwait’s Petrochemical Industries Co. (PIC), and the rapid deterioration in profitability...

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