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by：MX machinery
2020-11-18
Through greater diversity
Frank Popoff is working to make Dow Chemical more immune to the industry\'s notorious boom --bust cycle.
Will Wall Street reward this effort?
The value of the enterprise, like beauty, is often in the eyes of onlookers.
In other words, if a solid performance is half the praise of Wall Street, the other half is perception.
That\'s why Dow Chemical CEO Frank Popov decided last year to start \"presenting\" one of his senior deputies at every quarterly review meeting between the company and analysts.
Objective: to make a favorable adjustment to the performance of the Dow Jones index.
Operating income plummeted 41.
Between $ 6% and $0. 546 billion last year-
Accounting and other fourth
Quarterly fees, the bottom line fell $0. 496 billion in red.
Global overcapacity and sluggish demand have hit the industry as a whole.
As a result, some major brokerage firms are not enthusiastic enough about the middle of the Dow. to long-
The possibility of terminology.
\"3 of this question-to 5-
\"The outlook for annual capital appreciation seems to be below average,\" analyst Michael J . \"
Rindos in a recent Value Line report.
But Popov, 57, is an energetic and charismatic man who took over as president and CEO of canterous Paul F.
Oreffice effectively refuted this point in 1987. The U. S.
The chemical industry, perhaps the most competitive in the world, is estimated to be more productive than Germany\'s, he said.
It is the largest industrial exporter in the United States. S.
Contributed about $19 billion to the trade surplus in 1991.
Dow Chemical also has a big advantage, although it has dropped significantly since its peak revenue in 1988 --1989.
Part of the reason is that Popoff is a trend.
Manufacturers tend to be ahead of the industry learning curve.
Dow used to be a passive rider of the chemical industry boom --
Roller coaster.
But under Popov\'s leadership-
Has long dominated plastics, commodity petrochemicals and industrial chemicals-
Has successfully accepted the concept of diversity, into the counter-cyclical, higher areas
Profit margins for industrial and consumer goods.
And Midland, MI-
S. -based companies received about 67% of their operating income in 1989 from basic chemicals and plastic products, and 12% in the first three quarters of 1992 came from a consumer specialty, the percentages were 7% and 62% respectively.
Strong brand of Dow including Ziploc bag, Saran Wrap, Fantastik and Dow bathroom cleaner (
\"Scrub bubbles\", you know \")
Supermarket shelves line up
Popov was also one of the first to recognize what he called \"alternative industries.
\"Now there is plastic in the car, in the House and in the windows,\" Popov said . \".
This means that the Dow isto-
Keep in touch with people outside the industry, including steel and oil companies.
\"Also very successful.
Dow expects to produce commercial quantities of polyethylene in 1993 based on its new metalloca \"constrained geometry catalyst technology (CGCT).
According to some estimates, 1.
The 3 billion-pound applications offered by other plastics will be open to polyethylene, including the 0. 13 billion-pound market for wire and cable products.
Merrill Lynch Capital Markets expect the Dow to account for about 30% of the index at about 2-to-
The price is three times that of traditional polyethylene.
Its competitors in the market are Monte Dixon of Italy, Exxon (
Cooperate with Mitsui)
United carbide and Mobil
But Dow shares fell.
While these companies are only building CGCT plants, Dow\'s technology is a transformation of existing solutions plants.
At the same time, Popov achieved his best by softening Dow\'s aggressive stance in the environmental field. In the mid-
Hard down 1980
The Dow fought with the Environmental Protection Agency all the way to the Supreme Court to prevent aircraft from checking emissions from factories.
But those days seem to be distant memories.
Popov, for example, acknowledged the cost burden of Superfunds and a new set of regulatory and emission standards.
The Clean Air Act is expected to impose costs on the United StatesS.
Nearly $30 billion in industry \"is a huge blow,\" he said, adding: \"Command-and-
Control regulations will not clean up the environment.
Still, he is a familiar man, trying to turn obstacles into opportunities.
To the chagrin of some of his peers, Popov, also president of the chemical manufacturers association, preached the theory of \"product management,\" in this case, the company voluntarily assumes responsibility for the life cycle of the product from synthesis to disposal.
Perhaps more fundamentally, some industry watchers believe the move is equivalent to providing the prisoner with the key to asylum, and Popov has set up a corporate environmental advisory committee, contact group to share confidential factory and product information with environmental advocates.
For a company that produced condensate bombs during the Vietnam War, it was a big shift?
Poff shrugged his shoulders and said, \"Paul orovis\'s approach is a product of the times.
In the 1980 s, we fought against the media, we fought against the Greens, we fought against the government.
We are losers online.
I am not a natural conciliator, but I will reach a consensus if it is in our best interests.
\"It\'s getting more and more.
The company found that by reducing toxic waste, it saved millions of dollars a year in disposal costs. Bulgarian-
Born Popov immigrated to Trevor with his parents at the age of five.
In 1959, he joined the University of Indiana with a bachelor\'s degree and a master\'s degree in business administration.
In December, he took over as chairman of the Dow. CE editor J. P.
Donlon recently caught up with popopoff in New York.
In the early 1980 s, in a diverse world, chemical companies, including Dow, tried to \"decline --
Prove \"yourself\" by moving from basic chemicals to high chemicals\"
Consumer goods and industrial products.
Is this strategy a success?
The short answer is yes.
Dow Chemical diversified development to chemical industry
Basic specialties such as pharmaceutical, agricultural products and consumer goods.
Our brands include Saran Wrap and Ziploc plastic bags.
This allows us to avoid the traditional prosperity of the industry. bust cycles.
In special products, technology and human factors are more important than raw materials and energy.
Therefore, the Dow, once a 80% basic chemical company, has the goal of achieving diversity in its equivalent thirties over time ---
Major in consumer goods, basic chemicals and industry.
In addition to falling profit margins and shrinking profits, how does the depressed economy affect the chemical business?
It accelerated the integration of the industry and eliminated weaker companies.
So the difference between the best and the worst producers is closer than ever.
Are there any signs of improvement?
We have begun to get out of it.
But the upward trend is fragile and we have a few wrong beginnings.
What drives any turn? around?
Industrial spending, government spending, consumer spending and exports.
Exports have been good, but this is a product of strong demand overseas.
Poor foreign economic performance--
Either in the Pacific rim or in Europe.
There is not much industrial expenditure.
Government spending has fallen sharply.
So we need consumers to get us out of this mess.
Of course, consumers read the headlines and don\'t know if they are confident.
There are two particular obstacles in Europe --
Businesses that support EU and Eastern European producers are flooding the market with products.
How are you going to deal with it?
Exports from Eastern Europe, sometimes positive, have no other reason than to acquire foreign exchange.
But one thing that is good for us is that the country
State-owned companies are not very efficient producers.
The bottom line is that producers should be careful.
We intend to uphold the basic principles and enhance our reputation. cost producer.
You have talked about the management crisis in the chemical industry.
I told the Association of Chemical Manufacturers: We are the largest industrial exporter in the United States.
In 1991, we contributed $19 billion to the trade surplus.
So, why are overcapacity and declining profit margins bothering us?
The answer is that the management of the industry may be more focused on building the next plant before the competition, rather than looking for a higher return.
We are an industry of chemists and engineers.
I belong to that category.
Maybe we are more passionate about our technology and less thoughtful about implementing basic functions and meeting customer needs.
We have good people.
But I like to laugh at them because it\'s a market.
The stock mentality at the expense of profit exists.
In addition to diversity, what strategies or trends will increase profits?
We must recognize that we are an alternative industry and take advantage of this fact.
Now there is plastic in the car, house and window.
This means that the Dow isto-
Keep in touch with people outside the industry, including steel and oil companies.
This offers us a lot of opportunities.
But on the other hand, steel and aluminum companies are engaged in polymer business.
European Commission charges European chemical companies
This caused the anger of many CEOs.
But recently, the European Commission approved an agreement to exchange business between ICI and DuPont in the UK.
Is this a sign that the Commission will be MITI?
Trying to carve up markets like organizations?
I don\'t think Japan\'s industrial policy is reflected in Europe. The price-
Fixing Cartel misconceptions has been around for a long time.
But in Europe, there are different competitors who can\'t agree on anything, let alone the price.
Today\'s profit proves the price --
Only when the product is short, the repair is effective;
Clubs and cartels are unnecessary when there is a shortage of products. Price-
The restoration is a concern of the Commission;
It is rooted in the European environment of 1930.
However, there is little evidence to confirm the allegation.
The club is not working.
There are too many people in the world who have the ability to fill any vacuum or emptiness caused by the agreement.
The problem with today\'s economy is that there are no more niche markets.
You think it belongs to your market forever. -
Whether it\'s geographical location, proprietary technology, relationships with customers, or other factors ---
It\'s not yours anymore.
Those days have passed.
In the global economy, we may see the demise of club, cartel and industrial policies.
So you\'re not afraid of the European fortress? No.
We export to Europe, but very little.
The products we produce there account for 90% of the products we sell there.
Change it a bit, let me say this: the problem we have been talking about is not the only obstacle to trade.
Tax and environmental issues are another obstacle.
I am a member of the Business Council for Sustainable Development.
I attended the Earth Summit in Rio.
I was asked, \"What do you think of carbon tax?
Is it not the right way to protect the environment from carbon dioxide pollution?
\"I said,\" carbon taxes and other similar initiatives address environmental issues and translate them into tax and trade issues.
This is a good example of how to not do this.
\"No two countries or trade groups will deal with the carbon tax in the same way ---
Quantity and time are certainly not.
This means that the competitive advantage will not be transferred for trade reasons, but will be transferred to areas without a carbon tax.
The area will then be subject to countervailing duties.
Now, in the final analysis, you raise a problem that is more difficult to solve.
The cost of clean air bill estimates that it will cost industry at least $30 billion.
What impact will it have on the Dow?
The method solves three specific problems: ozone is not
Toxic substances in rain and air.
Ozone is a problem for the oil and automotive industries.
Rain is a problem with utilities.
We have to deal with toxic substances in the air.
The Clean Air Act will take the percentage of the environment as a percentage of GDP from 2.
From 1% to 25 percent.
Some people think the figure could be as high as 3%.
This is a great success.
In general, utilities, automakers and oil companies will bear the brunt.
The chemical industry will account for only 10% of the total.
But there are still many.
This is a burden.
Some standards are stiff and unrealistic.
As we speak, people in Washington are writing regulations. But command-and-
Control regulations will not clean up the environment.
Nevertheless, I don\'t think we can say, \"stop and we will have a debate about the environment.
\"We just reserve the right to debate what doesn\'t work and take steps to adjust it.
At Dow Chemical, you have an environmental consultant who makes up an internal committee.
This certainly contrasts with the policy of your predecessor.
I believe you are referring to our Corporate Environmental Advisory Board.
Let me explain some of the reasons why we decided to set up such a group.
1980 is an era of confrontation.
People challenge each other.
But I think this is an expensive way to solve the problem.
Volunteer service is the answer.
Going back to air toxic, here\'s an example: the chemical industry went to the Environmental Protection Agency and said, \"If you allow us to use the best technology available and authorize the goals we have to achieve, instead of telling us how to do it, we are committed to reducing toxic substances in the air.
\"The Environmental Protection Agency agreed to the compromise.
If you are allowed to do it yourself, I will challenge if there is really a huge environmental cost.
We believe that pollution prevention is the final answer to our business.
Pollution equals waste.
What is not achieved is the rate of return.
What is the key to remaining competitive in the 1990 global environment?
Competition is not just the productivity or output of unit inputs.
It also includes additional training for personnel.
This is the cost of capital.
Legal reform--
We have about $200 billion anchor around our neck.
Accounting standards.
This is a matter of taxation and trade.
But perhaps the most important issue is education.
We need teachers.
We need students. -
Children who study mathematics and science.
We need an educated public.
Technology is a product of the development and use of education.
You have been the CEO of the Dow for the past five years.
Looking forward to the next five years, what do you want to accomplish most?
I want to continue to develop our true strength: our people.
Because we are becoming a nation.
Intensive and technical
Intensive Industries-
Not just raw materials, energy.
Commodity Industry--
We need to liberate the people and empower them to work.
This will give workers and managers the courage to seize the opportunity.
This will drive further diversity and growth.
Like 10 years ago, we have 62,000 people now.
We didn\'t add a lot of people, but we have a lot of people doing important things and their output is great.
I hope this will continue.
I want to see a stone.
Solid, the minimum return on equity is 18% to 20%.
This benchmark is important to me because I am the CEO.
But I also have 80,000 Dow shares and more options.
I have to look at those things.
Frank Popoff is working to make Dow Chemical more immune to the industry\'s notorious boom --bust cycle.
Will Wall Street reward this effort?
The value of the enterprise, like beauty, is often in the eyes of onlookers.
In other words, if a solid performance is half the praise of Wall Street, the other half is perception.
That\'s why Dow Chemical CEO Frank Popov decided last year to start \"presenting\" one of his senior deputies at every quarterly review meeting between the company and analysts.
Objective: to make a favorable adjustment to the performance of the Dow Jones index.
Operating income plummeted 41.
Between $ 6% and $0. 546 billion last year-
Accounting and other fourth
Quarterly fees, the bottom line fell $0. 496 billion in red.
Global overcapacity and sluggish demand have hit the industry as a whole.
As a result, some major brokerage firms are not enthusiastic enough about the middle of the Dow. to long-
The possibility of terminology.
\"3 of this question-to 5-
\"The outlook for annual capital appreciation seems to be below average,\" analyst Michael J . \"
Rindos in a recent Value Line report.
But Popov, 57, is an energetic and charismatic man who took over as president and CEO of canterous Paul F.
Oreffice effectively refuted this point in 1987. The U. S.
The chemical industry, perhaps the most competitive in the world, is estimated to be more productive than Germany\'s, he said.
It is the largest industrial exporter in the United States. S.
Contributed about $19 billion to the trade surplus in 1991.
Dow Chemical also has a big advantage, although it has dropped significantly since its peak revenue in 1988 --1989.
Part of the reason is that Popoff is a trend.
Manufacturers tend to be ahead of the industry learning curve.
Dow used to be a passive rider of the chemical industry boom --
Roller coaster.
But under Popov\'s leadership-
Has long dominated plastics, commodity petrochemicals and industrial chemicals-
Has successfully accepted the concept of diversity, into the counter-cyclical, higher areas
Profit margins for industrial and consumer goods.
And Midland, MI-
S. -based companies received about 67% of their operating income in 1989 from basic chemicals and plastic products, and 12% in the first three quarters of 1992 came from a consumer specialty, the percentages were 7% and 62% respectively.
Strong brand of Dow including Ziploc bag, Saran Wrap, Fantastik and Dow bathroom cleaner (
\"Scrub bubbles\", you know \")
Supermarket shelves line up
Popov was also one of the first to recognize what he called \"alternative industries.
\"Now there is plastic in the car, in the House and in the windows,\" Popov said . \".
This means that the Dow isto-
Keep in touch with people outside the industry, including steel and oil companies.
\"Also very successful.
Dow expects to produce commercial quantities of polyethylene in 1993 based on its new metalloca \"constrained geometry catalyst technology (CGCT).
According to some estimates, 1.
The 3 billion-pound applications offered by other plastics will be open to polyethylene, including the 0. 13 billion-pound market for wire and cable products.
Merrill Lynch Capital Markets expect the Dow to account for about 30% of the index at about 2-to-
The price is three times that of traditional polyethylene.
Its competitors in the market are Monte Dixon of Italy, Exxon (
Cooperate with Mitsui)
United carbide and Mobil
But Dow shares fell.
While these companies are only building CGCT plants, Dow\'s technology is a transformation of existing solutions plants.
At the same time, Popov achieved his best by softening Dow\'s aggressive stance in the environmental field. In the mid-
Hard down 1980
The Dow fought with the Environmental Protection Agency all the way to the Supreme Court to prevent aircraft from checking emissions from factories.
But those days seem to be distant memories.
Popov, for example, acknowledged the cost burden of Superfunds and a new set of regulatory and emission standards.
The Clean Air Act is expected to impose costs on the United StatesS.
Nearly $30 billion in industry \"is a huge blow,\" he said, adding: \"Command-and-
Control regulations will not clean up the environment.
Still, he is a familiar man, trying to turn obstacles into opportunities.
To the chagrin of some of his peers, Popov, also president of the chemical manufacturers association, preached the theory of \"product management,\" in this case, the company voluntarily assumes responsibility for the life cycle of the product from synthesis to disposal.
Perhaps more fundamentally, some industry watchers believe the move is equivalent to providing the prisoner with the key to asylum, and Popov has set up a corporate environmental advisory committee, contact group to share confidential factory and product information with environmental advocates.
For a company that produced condensate bombs during the Vietnam War, it was a big shift?
Poff shrugged his shoulders and said, \"Paul orovis\'s approach is a product of the times.
In the 1980 s, we fought against the media, we fought against the Greens, we fought against the government.
We are losers online.
I am not a natural conciliator, but I will reach a consensus if it is in our best interests.
\"It\'s getting more and more.
The company found that by reducing toxic waste, it saved millions of dollars a year in disposal costs. Bulgarian-
Born Popov immigrated to Trevor with his parents at the age of five.
In 1959, he joined the University of Indiana with a bachelor\'s degree and a master\'s degree in business administration.
In December, he took over as chairman of the Dow. CE editor J. P.
Donlon recently caught up with popopoff in New York.
In the early 1980 s, in a diverse world, chemical companies, including Dow, tried to \"decline --
Prove \"yourself\" by moving from basic chemicals to high chemicals\"
Consumer goods and industrial products.
Is this strategy a success?
The short answer is yes.
Dow Chemical diversified development to chemical industry
Basic specialties such as pharmaceutical, agricultural products and consumer goods.
Our brands include Saran Wrap and Ziploc plastic bags.
This allows us to avoid the traditional prosperity of the industry. bust cycles.
In special products, technology and human factors are more important than raw materials and energy.
Therefore, the Dow, once a 80% basic chemical company, has the goal of achieving diversity in its equivalent thirties over time ---
Major in consumer goods, basic chemicals and industry.
In addition to falling profit margins and shrinking profits, how does the depressed economy affect the chemical business?
It accelerated the integration of the industry and eliminated weaker companies.
So the difference between the best and the worst producers is closer than ever.
Are there any signs of improvement?
We have begun to get out of it.
But the upward trend is fragile and we have a few wrong beginnings.
What drives any turn? around?
Industrial spending, government spending, consumer spending and exports.
Exports have been good, but this is a product of strong demand overseas.
Poor foreign economic performance--
Either in the Pacific rim or in Europe.
There is not much industrial expenditure.
Government spending has fallen sharply.
So we need consumers to get us out of this mess.
Of course, consumers read the headlines and don\'t know if they are confident.
There are two particular obstacles in Europe --
Businesses that support EU and Eastern European producers are flooding the market with products.
How are you going to deal with it?
Exports from Eastern Europe, sometimes positive, have no other reason than to acquire foreign exchange.
But one thing that is good for us is that the country
State-owned companies are not very efficient producers.
The bottom line is that producers should be careful.
We intend to uphold the basic principles and enhance our reputation. cost producer.
You have talked about the management crisis in the chemical industry.
I told the Association of Chemical Manufacturers: We are the largest industrial exporter in the United States.
In 1991, we contributed $19 billion to the trade surplus.
So, why are overcapacity and declining profit margins bothering us?
The answer is that the management of the industry may be more focused on building the next plant before the competition, rather than looking for a higher return.
We are an industry of chemists and engineers.
I belong to that category.
Maybe we are more passionate about our technology and less thoughtful about implementing basic functions and meeting customer needs.
We have good people.
But I like to laugh at them because it\'s a market.
The stock mentality at the expense of profit exists.
In addition to diversity, what strategies or trends will increase profits?
We must recognize that we are an alternative industry and take advantage of this fact.
Now there is plastic in the car, house and window.
This means that the Dow isto-
Keep in touch with people outside the industry, including steel and oil companies.
This offers us a lot of opportunities.
But on the other hand, steel and aluminum companies are engaged in polymer business.
European Commission charges European chemical companies
This caused the anger of many CEOs.
But recently, the European Commission approved an agreement to exchange business between ICI and DuPont in the UK.
Is this a sign that the Commission will be MITI?
Trying to carve up markets like organizations?
I don\'t think Japan\'s industrial policy is reflected in Europe. The price-
Fixing Cartel misconceptions has been around for a long time.
But in Europe, there are different competitors who can\'t agree on anything, let alone the price.
Today\'s profit proves the price --
Only when the product is short, the repair is effective;
Clubs and cartels are unnecessary when there is a shortage of products. Price-
The restoration is a concern of the Commission;
It is rooted in the European environment of 1930.
However, there is little evidence to confirm the allegation.
The club is not working.
There are too many people in the world who have the ability to fill any vacuum or emptiness caused by the agreement.
The problem with today\'s economy is that there are no more niche markets.
You think it belongs to your market forever. -
Whether it\'s geographical location, proprietary technology, relationships with customers, or other factors ---
It\'s not yours anymore.
Those days have passed.
In the global economy, we may see the demise of club, cartel and industrial policies.
So you\'re not afraid of the European fortress? No.
We export to Europe, but very little.
The products we produce there account for 90% of the products we sell there.
Change it a bit, let me say this: the problem we have been talking about is not the only obstacle to trade.
Tax and environmental issues are another obstacle.
I am a member of the Business Council for Sustainable Development.
I attended the Earth Summit in Rio.
I was asked, \"What do you think of carbon tax?
Is it not the right way to protect the environment from carbon dioxide pollution?
\"I said,\" carbon taxes and other similar initiatives address environmental issues and translate them into tax and trade issues.
This is a good example of how to not do this.
\"No two countries or trade groups will deal with the carbon tax in the same way ---
Quantity and time are certainly not.
This means that the competitive advantage will not be transferred for trade reasons, but will be transferred to areas without a carbon tax.
The area will then be subject to countervailing duties.
Now, in the final analysis, you raise a problem that is more difficult to solve.
The cost of clean air bill estimates that it will cost industry at least $30 billion.
What impact will it have on the Dow?
The method solves three specific problems: ozone is not
Toxic substances in rain and air.
Ozone is a problem for the oil and automotive industries.
Rain is a problem with utilities.
We have to deal with toxic substances in the air.
The Clean Air Act will take the percentage of the environment as a percentage of GDP from 2.
From 1% to 25 percent.
Some people think the figure could be as high as 3%.
This is a great success.
In general, utilities, automakers and oil companies will bear the brunt.
The chemical industry will account for only 10% of the total.
But there are still many.
This is a burden.
Some standards are stiff and unrealistic.
As we speak, people in Washington are writing regulations. But command-and-
Control regulations will not clean up the environment.
Nevertheless, I don\'t think we can say, \"stop and we will have a debate about the environment.
\"We just reserve the right to debate what doesn\'t work and take steps to adjust it.
At Dow Chemical, you have an environmental consultant who makes up an internal committee.
This certainly contrasts with the policy of your predecessor.
I believe you are referring to our Corporate Environmental Advisory Board.
Let me explain some of the reasons why we decided to set up such a group.
1980 is an era of confrontation.
People challenge each other.
But I think this is an expensive way to solve the problem.
Volunteer service is the answer.
Going back to air toxic, here\'s an example: the chemical industry went to the Environmental Protection Agency and said, \"If you allow us to use the best technology available and authorize the goals we have to achieve, instead of telling us how to do it, we are committed to reducing toxic substances in the air.
\"The Environmental Protection Agency agreed to the compromise.
If you are allowed to do it yourself, I will challenge if there is really a huge environmental cost.
We believe that pollution prevention is the final answer to our business.
Pollution equals waste.
What is not achieved is the rate of return.
What is the key to remaining competitive in the 1990 global environment?
Competition is not just the productivity or output of unit inputs.
It also includes additional training for personnel.
This is the cost of capital.
Legal reform--
We have about $200 billion anchor around our neck.
Accounting standards.
This is a matter of taxation and trade.
But perhaps the most important issue is education.
We need teachers.
We need students. -
Children who study mathematics and science.
We need an educated public.
Technology is a product of the development and use of education.
You have been the CEO of the Dow for the past five years.
Looking forward to the next five years, what do you want to accomplish most?
I want to continue to develop our true strength: our people.
Because we are becoming a nation.
Intensive and technical
Intensive Industries-
Not just raw materials, energy.
Commodity Industry--
We need to liberate the people and empower them to work.
This will give workers and managers the courage to seize the opportunity.
This will drive further diversity and growth.
Like 10 years ago, we have 62,000 people now.
We didn\'t add a lot of people, but we have a lot of people doing important things and their output is great.
I hope this will continue.
I want to see a stone.
Solid, the minimum return on equity is 18% to 20%.
This benchmark is important to me because I am the CEO.
But I also have 80,000 Dow shares and more options.
I have to look at those things.
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