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MIDLAND, Mich. (AP) — Dow Corning's third-quarter net income dropped 45 percent as polysilicon prices continued to fall because of industry oversupply and sales declined in Europe.
The company, which is a joint venture of Dow Chemical Co. and Corning Inc. that is not publicly traded, said ongoing economic volatility and high raw material costs continue to pressure its profits.
Dow Corning Corp. makes silicone-based adhesives, sealants and other products for a range of industries from aviation to solar power to skin care.
The company said Friday that its third-quarter net income declined to $97 million from $177 million a year earlier.
Revenue fell 7 percent to $1.55 billion from $1.66 billion.