MIDLAND, Mich. (May 4, 2009)—Dow Corning Corp. posted net income of $9.4 million for its first quarter of 2009, compared with $160.4 million a year earlier. The 2009 earnings figure included $57.3 million in charges related to the company's restructuring program.
Sales on the quarter fell 20 percent to $1.02 billion.
The global economic recession led to a significant decrease in demand for silicone-based products, according to J. Donald Sheets, vice president and chief financial officer. He said the firm is “taking decisive actions to conserve cash during this economic downturn to ensure we have the necessary resources to implement our strategy and focus on our key initiatives.”