Dow unveiled on Wednesday plans to boost its core earnings by $3 billion a year over the next decade, with investments that include building a new net-zero carbon emissions ethylene and derivatives facility in Alberta, Canada.
The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/Filesunveiled on Wednesday plans to boost its core earnings by $3 billion a year over the next decade, with investments that include building a new net-zero carbon emissions ethylene and derivatives facility in Alberta, Canada.
Calling the new project a "no-regrets" move, Dow's Chief Executive Officer Jim Fitterling said he expects the facility to deliver about $1 billion of additional earnings before interest, tax, depreciation and amortization per year by 2030. The new facility would more than triple Dow's ethylene and polyethylene capacity from its Fort Saskatchewan, Alberta site, and the company expects to allocate about $1 billion of capital spending annually for the project.
It also signed eight new renewable power purchase agreements to reduce Scope 2 emissions, or emissions from the power a company uses for its operations, by more than 600,000 metric tons of carbon dioxide equivalent per year.
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