The Dow Chemical Company was incorporated in 1947 under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. The Company's principal executive offices are located at 2211 H.H. Dow Way, Midland, Michigan 48674. Throughout this Annual Report on Form 10-K, except as otherwise indicated by the context, the terms “Company” or “Dow” as used herein mean The Dow Chemical Company and its consolidated subsidiaries.
Net sales in the second quarter of 2019 were $11.0 billion, down 14 percent from $12.8 billion in the second quarter of last year, primarily due to a decrease in local price, softer demand and the unfavorable impact of currency. Sales decreased in all geographic regions and operating segments. Local price decreased 9 percent, primarily in response to lower feedstock and raw material costs, as well as pricing pressure. Local price decreased in Industrial Intermediates & Infrastructure (down 12 percent), Packaging & Specialty Plastics (down 9 percent) and Performance Materials & Coatings (down 4 percent). Local price decreased in all geographic regions. Volume decreased 4 percent with declines in all operating segments and geographic regions, except Asia Pacific which was flat. Volume decreased in Performance Materials & Coatings (down 7 percent), Packaging & Specialty Plastics (down 4 percent) and Industrial Intermediates & Infrastructure (down 2 percent). Currency unfavorably impacted sales 2 percent compared with the same period last year, driven primarily by EMEAI (down 5 percent). Portfolio & Other increased 1 percent compared with the same period last year.