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DOW ANNOUNCES SPECIAL CHARGE OF $430 MILLION FOR 1992

 MIDLAND, Mich., Jan. 15 /PRNewswire/ -- The Dow Chemical Company (NYSE: DOW) today announced that a one-time, pretax special charge of approximately $430 million would be taken against 1992 earnings.
 The special charge reflects asset write-offs and write-downs, plant shutdowns, divestitures and the consolidation of a variety of business activities globally. Included are costs related to the work force reductions associated with these actions. The charge also includes write-offs and write-downs by Dow's associated companies. As previously announced, Dow has recently adopted two new accounting standards on retiree health care costs and accounting for income taxes, which along with the impact of the special charge will require the restatement of quarterly earnings in 1992.
 The special charge will cause a loss in the fourth quarter, which combined with the adoption of the two new accounting standards will result in a loss for the full year of $1.70 to $1.90 per share. "In addition, business conditions in basic chemicals and plastics continue to remain disappointing, particularly in Europe where margins are negative," said Enrique C. Falla, Dow executive vice president. "This softness will be reflected in fourth quarter results, which we now expect will be weaker than previously anticipated."
 Falla added, "These actions will strengthen Dow's long-term position in an increasingly competitive environment by further reducing structural costs."
 -0- 1/15/93
 /CONTACT: Doug G. Draper of The Dow Chemical Company, 517-636-2876/
 (DOW)


CO: The Dow Chemical Company ST: Michigan IN: CHM SU:

ML -- DE004 -- 5217 01/15/93 08:45 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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