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Dow Chemical's Thai Investments Still on Track.
Byline: Busrin Treerapongpichit
Nov. 9--Dow Chemical says it remains committed to its investment strategy in Thailand despite an expectation of zero growth in the country's petrochemical industry this year.
"We still look forward to investment opportunities in Thailand but more carefully," said James Ray Fitterling, country manager of Dow Chemical Thailand Ltd.
He said any further investment would focus mainly on a joint venture with the Siam Cement Group (SCC), the country's largest industrial conglomerate, with which Dow has had a long relationship. The US company has operated in Thailand for 34 years.
The SCC-Dow Group, a 50:50 joint venture, has invested 15 billion baht to date to produce a variety of petrochemical and agricultural products.
Mr Fitterling said the poor outlook for the industry was in line with shrinking demand in international markets reflecting the world economic slowdown. As a result, Dow's local sales were expected to be flat this year at 22.8 billion baht, the same as last year.
"Not only will there be no growth in sales, but also the company's margins this year are being squeezed."
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