MIDLAND, Mich.—Dow Corning Corp.'s sales fell 5 percent and net income 45 percent for 2012 because of oversupply, economic volatility and high raw materials costs, the silicone producer said.
Dow Corning reported 2012 sales of $6.12 billion with net income of $188 million. Adjusted net income for 2012 excluded charges for asset abandonments and restructuring expenses.
The Midland-based supplier said in the fourth quarter sales slipped 3 percent from the corresponding period of 2011 to $1.48 billion, while net income fell 10 percent to $77 million.