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DOW ANNOUNCES SHUT-DOWN OF FACILITIES

 DOW ANNOUNCES SHUT-DOWN OF FACILITIES
 MIDLAND, Mich., Jan. 21 /PRNewswire/ -- The Dow Chemical Company


(NYSE: DOW) today announced that a one-time, special charge before taxes of $370 million would be taken against fourth quarter of 1991 earnings.
 The charge reflects asset write-offs and write-downs that follow the Dow management decision to permanently shut down and divest of a variety of facilities and business activities primarily in its basic segments. This is consistent with Dow's strategy to diversify into specialties.
 Two of the major components are businesses in Canada. As previously announced, Dow Canada's Sarnia division plans to shut down its chlor-alkali and derivatives facilities, the timing of which will be determined in the near future. In addition, lower forecast values for oil and gas in Canada and other oil related assets resulted in a decrease in the carrying cost of these properties. The charge also includes costs related to the reduction in the number of employees associated with the facilities being shut down and some consolidation of other operations outside of Canada.
 "This special charge resulted from Dow management's decision to make an early recognition of losses that would impact future earnings," said Enrique C. Falla, Dow executive vice president and chief financial officer.
 Commenting on Dow's earnings for the fourth quarter of 1991, Falla said, "While this special charge will result in a loss for the quarter, we anticipate that earnings from continuing operations will exceed 35 cents per share, in line with financial analysts' expectations."
 -0- 1/21/92
 /CONTACT: Douglas G. Draper of Dow Chemical, 517-636-2876/
 (DOW) CO: Dow Chemical Co. ST: Michigan IN: CHM SU:


GK -- NY012 -- 1635 01/21/92 08:28 EST
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Date:Jan 21, 1992
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