The Skolkovo Foundation and The Dow Chemical Company (NYSE: Dow) through its wholly owned subsidiary Dow Europe GmbH have signed a letter of intent to define steps for Dow's participation in the Skolkovo project, which aims to become a science and technology complex in Russia for the development and commercialization of innovative technologies. The document was signed at the Saint Petersburg International Economic Forum by Viktor Vekselberg, President of the Skolkovo Foundation, and Kostas Katsoglou, President of Dow in the Eastern Europe Growth Region.
Both parties acknowledged that Dow's efforts will be focusing on energy and infrastructure, aligned with and supporting the Skolkovo energy efficiency program.
«Our goal is to expand business opportunities and to support Russia's modernization agenda — with our existing state-of-the-art facilities, innovative products and technologies, and reliable partnerships that help to address key national priorities in Russia. Working with the Skolkovo Foundation and the Country's top academic institutions gives Dow a broader access to Russia's best talents and scientific minds, and creates numerous opportunities for the country to leverage Dow technology to support job creation and economic development», stated Kostas Katsoglou, President of Dow in the Eastern Europe Growth Region. «Our priorities in Russia are aligned with and support the corporate strategy to preferentially invest in a portfolio of technology-integrated, market-driven businesses that create value for our stockholders and growth for our customers», Katsoglou specified.
«This agreement is of particular significance for the Skolkovo Foundation for a number of reasons. As a global leader in the chemical industry and a science-driven company, Dow will be an important partner in supporting and driving forward the Skolkovo energy efficiency program», commented Viktor Vekselberg, President of the Skolkovo Foundation.
«Dow constantly seeks opportunities to partner with academic institutions, public laboratories, top customers, value chain partners, as this combination is the most powerful to timely deliver innovation. The Skolkovo project is poised to provide an attractive environment for the above and we are confident this will benefit both — the Russian economy and competitiveness as well as Dow», commented Ernesto Occhiello, R&D Director, Dow Europe.
About Dow in Russia, CIS and Baltic
Dow is highly committed to Russia, the Commonwealth of Independent States and the Baltic Region as a key area for growth, and we continually strive to improve our customer relations, stakeholder outreach and service offering. In Russia Dow has been present for almost 40 years offering a variety of base and performance plastics and chemicals for a wide range of downstream industries including automotive, oil and gas, packaging, building and construction, furniture, wire and cable, large appliances, water treatment and agricultural products. In 2010, the Company demonstrated in Russia, CIS and Baltic annual sales of 764 mln. USD and employed about 269 highly qualified specialists. In addition to its sales offices in Moscow and in Kiev (Ukraine), the Company has a manufacturing facility in Ramenskoye (Moscow Region) for the production of additives for paints and coatings, and in Vladimir where the Dow Izolan joint venture company inaugurated in 2009 its new, large and state-of-the-art manufacturing plant for the production of polyurethane systems.
About the Skolkovo Foundation
The Development Foundation of Skolkovo Center of Innovations is creating in Russia an ultramodern science and technology complex for the development and commercialization of innovative technologies. The Foundation's Guardian Council is personally chaired by Russian President D.A. Medvedev. One of the project's objectives is forming a pole of attraction for cutting-edge world-level scientific and research developments, effective commercialization of scientific-technological discoveries, accelerated implementation of novel technologies into the real sector, consolidation of intellectual and creative resources, selection of talented youth and ensuring their access to modern-day knowledge and best international practices.
Dow combines the power of science and technology with the «Human Element» to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to «Dow» or the «Company» mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.