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DOW CORNING ANNOUNCES SALES AND PROFITS FOR 1991

 DOW CORNING ANNOUNCES SALES AND PROFITS FOR 1991
 MIDLAND, Mich., Feb. 3 /PRNewswire/ -- Dow Corning Corporation today


announced its 1991 sales reached $1,845 million, up 7 percent from $1,718 million reported for 1990. Net income was $152.9 million, down 10.6 percent from the $171.1 million reported for 1990.
 Sales growth was particularly strong in the Pacific Rim. Sales in the United States were ahead of last year despite a sluggish period earlier in the year. Performance in Europe declined, notably in the second half as European economies softened.
 Lawrence A. Reed, president and chief executive officer, said, "Dow Corning's 1991 operating performance in major industrial markets was good, particularly given stiff competition and the worldwide economic situation."
 Fourth-quarter sales were $472.3 million, up 5.1 percent from the $449.2 million for the same period last year. Net income was $28.9 million, down 35.3 percent from last year's $44.7 million. Fourth-quarter results include a previously announced $25 million pre-tax charge to earnings related to breast implant products. The breast-implant business represents about 1 percent of Dow Corning total sales and that business has been unprofitable for a number of years.
 Controversy surrounding the safety and efficacy of silicone breast implants has been receiving considerable publicity. "Unfortunately, the controversy has diverted attention away from scientific data and the needs and concerns of women who have a compelling health need for the product," said Reed. Dow Corning continues to be in close contact with the FDA and is continuing to work diligently to provide scientific insight that will give assurance to patients, the Food and Drug Administration and the general public that the devices are efficacious and have limited risks and complications.
 During the year, Dow Corning stepped up its involvement in Responsible Care, the chemical industry's program to meet the public's expectations for continuous improvement in health, safety and environmental performance. "We are integrating the Responsible Care codes into every site in our global operations," Reed said. Public advisory panels were initiated in the company's Midland; Carrollton, Ky.; and Barry, Wales, sites.
 Announcements were made to participate in two voluntary EPA emission-reduction programs which will result in more than a 70-percent reduction of the company's emissions of SARA 313 chemicals in the U.S. by 1995.
 For the fourth consecutive year, the company's scientists were issued a record number of U.S. patents -- 193 -- which is up from 169 in 1990.
 Early in the fourth quarter, an announcement was made for a major expansion of its manufacturing facilities at Barry, Wales. The expansion will incorporate state-of-the-art technology and more than double the plant's capacity to produce basic and intermediate silicones.
 Additionally, a $10 million project to increase production capacity for polycrystalline silicon at Hemlock, Mich., was initiated in 1991.
 Looking toward 1992, the economic climate in the world's key economies is still uncertain. Recovery is anticipated in Europe, gradual improvement in the United States, and continued growth in the Pacific Rim and Latin American countries.
 The company is well-positioned to take advantage of its renewed capability to focus its total efforts around satisfying customer demands. "We introduced a comprehensive set of milestones in 1991," said Reed, "and every one of them is aimed at improving our ability to satisfy our customers in a world-class way. One example is to reduce our new product commercialization by 75 percent. We will be working with our customers to do the right things for each of them."
 Dow Corning Corporation is a 50/50 joint venture of Corning, Inc. and The Dow Chemical Company.
 -0- 2/3/92
 /CONTACT: Scott Seeburger of Dow Corning Corporation, 517-496-4078/ CO: Dow Corning Corporation ST: Michigan IN: CHM SU: ERN


SB-ML -- DE007 -- 6069 02/03/92 10:29 EST
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Date:Feb 3, 1992
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