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EXHIBIT 21
Subsidiaries of The Dow Chemical Company
At December 31, 2003
| | Location* | % Ownership | ||
|---|---|---|---|---|
| The Dow Chemical Company | Delaware | |||
| Arabian Chemical Company (Polystyrene) Limited (1) | Saudi Arabia | 50 | ||
| Arabian Chemical Company (Latex) Ltd. (1) | Saudi Arabia | 50 | ||
| Arakawa Europe GmbH | Germany | 60 | ||
| Buildscape LLC | Delaware | 100 | ||
| CanStates Holdings, Inc. | Oklahoma | 100 | ||
| ANGUS Chemical Company | Delaware | 100 | ||
| ANGUS Chemie GmbH | Germany | 100 | ||
| CD Polymers Inc. | Delaware | 100 | ||
| Cargill Dow LLC (1) | Delaware | 50 | ||
| Centen Ag Inc. | Delaware | 100 | ||
| Dow AgroSciences LLC (11) | Delaware | 39 | ||
| Mycogen Corporation (19) | California | 12 | ||
| Chemars Inc. | Delaware | 100 | ||
| Chemars III LLC | Delaware | 100 | ||
| DC Partnership Management Inc. | Delaware | 100 | ||
| DowBrands L.P. (6) | Delaware | 42 | ||
| DCOMCO, Inc. | Delaware | 100 | ||
| Denmerco Inc. | Delaware | 100 | ||
| DW Dexco Investment LLC | Delaware | 100 | ||
| Dexco Polymers L.P. (29) | Texas | 49 | ||
| Dexco Polymers Operating Company LLC (1) | Texas | 50 | ||
| Dexco Polymers L.P. (29) | Texas | 1 | ||
| Diamond Capital Management Inc. | Delaware | 100 | ||
| DMM Financial LLC | Delaware | 100 | ||
| MTD Pipeline LLC (1) | Delaware | 50 | ||
| Dofinco, Inc. | Delaware | 100 | ||
| Dow Centroamerica, Sociedad Anonima | Costa Rica | 100 | ||
| Dow Chemical (Australia) Limited | Australia | 100 | ||
| Dow Australia Superannuation Fund A Pty Limited | Australia | 100 | ||
| Polystyrene Australia Pty Ltd (1) | Australia | 50 | ||
| Dow Chemical Canada Inc. (22) | Canada | 89 | ||
| The Alberta & Orient Glycol Company Limited (1) | Canada | 50 | ||
| Dow BioProducts Ltd. | Canada | 100 | ||
| DowBrands Canada Inc. | Canada | 100 | ||
| 3813991 Canada Inc. | Canada | 100 | ||
| Emerald Financial SrL | Barbados | 100 | ||
| Modeland International Holdings Inc. (35) | Barbados | 59 | ||
| Dow Brasil S.A. | Brazil | 100 | ||
| Branco Dow Compostos de Engenharia S.A. | Brazil | 100 | ||
| Cambricos de Uruguay S.A. | Uruguay | 100 | ||
| Companhia Alcoolquimica Nacional | Brazil | 95 | ||
| Dopec Industria E Comercio Ltda. | Brazil | 100 | ||
| Dow Especialidades Quimicas Ltda. | Brazil | 100 | ||
| Dow Participacoes Ltda. | Brazil | 100 | ||
| Dow Brasil Nordeste Ltda. | Brazil | 100 |
160
| | Location* | % Ownership | ||
|---|---|---|---|---|
| EDN-Distribuidora do Nordeste Ltda. | Brazil | 100 | ||
| EDN-Poliestireno do sul Limitada | Brazil | 100 | ||
| Keytil Sociedad Anonima | Uruguay | 100 | ||
| Primera-Industria e Comercio Ltda. | Brazil | 100 | ||
| Essex Specialty Products, Inc., Canada | Canada | 100 | ||
| Fort Saskatchewan Ethylene Storage Limited Partnership (1) (17) | Canada | 49 | ||
| H-D Tech Inc. (1) | Canada | 50 | ||
| Petromont and Company Limited Partnership (1) | Canada | 50 | ||
| Petromont Inc. (1) | Canada | 50 | ||
| Pipeline Petromont Enr. (1) | Canada | 50 | ||
| Union Carbide Performance Plastics Corp. | Canada | 100 | ||
| Dow Chemical (China) Investment Company Limited | China | 100 | ||
| Dow Chemical (Zhangjiagang) Co., Ltd. (16) | China | 10 | ||
| Dow S/B Latex (Zhangjiagang) Co. Ltd. (15) | China | 10 | ||
| Guangdong Zhongshan Amerchol Specialty Chemicals | China | 90 | ||
| SAL Petrochemical (Zhangjiagang) Company Limited (1) (18) | China | 10 | ||
| Dow Chemical (China) Ltd. | Delaware | 100 | ||
| Dow Chemical Delaware Corp. | Delaware | 100 | ||
| Chemtech II L.P. (8) | Delaware | 72 | ||
| Chemtech Portfolio Inc. (13) | Texas | 33 | ||
| Chemtech Portfolio II Inc. | Michigan | 100 | ||
| Dow Chemical (Hong Kong) Limited | Hong Kong | 100 | ||
| Dow Chemical International Ltd. | Delaware | 100 | ||
| Dow Chemical Thailand Ltd. | Thailand | 100 | ||
| Dow International Holdings General Partnership (30) | Bermuda | 1 | ||
| Hobbes Capital S.A. (28) | Luxembourg | 49 | ||
| Petroquimica-Dow S.A. (Petrodow) | Chile | 70 | ||
| Dow Chemical Japan Limited (10) | Japan | 89 | ||
| Dow Chemical Korea Limited | Korea | 100 | ||
| Dow Chemical (NZ) Limited | New Zealand | 100 | ||
| Dow Chemical Pacific Limited | Hong Kong | 100 | ||
| Ulsan Pacific Chemical Corporation (14) | Korea | 80 | ||
| Dow Chemical Pacific (Singapore) Private Limited | Singapore | 100 | ||
| Dow Chemical (Guangzhou) Company Limited | China | 100 | ||
| Dow Chemical (India) Holdings Private Limited (41) | India | 99 | ||
| Dow Chemical International Pvt. Ltd. | India | 100 | ||
| Dow Chemical (Malaysia) Sdn. Bhd. | Malaysia | 100 | ||
| Dow Financial Holdings Singapore Pte Ltd. | Singapore | 100 | ||
| Dow Chemical (Zhangjiagang) Co., Ltd. (16) | China | 90 | ||
| Dow S/B Latex (Zhangjiagang) Co. Ltd. (15) | China | 90 | ||
| SAL Petrochemical (Zhangjiagang) Company Limited (1) (18) | China | 40 | ||
| G.Z. Holdings Pte. Ltd. | Singapore | 100 | ||
| PT Dow Chemical Indonesia (23) | Indonesia | 15 | ||
| S.H.A. Holdings Pte. Ltd. | Singapore | 100 | ||
| Dow Chemical (Singapore) Private Limited | Singapore | 100 | ||
| Dow Chemical (India) Holdings Private Limited (41) | India | 1 |
161
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Dow Chemical Taiwan Limited | China | 100 | ||
| Dow Chemical Telecommunications Corp. | Delaware | 100 | ||
| Dow Credit Corporation | Delaware | 100 | ||
| Dow Deutschland Inc. | Delaware/Germany | 100 | ||
| Dow Chemical Inter-American Limited | Delaware | 100 | ||
| Dow Quimica de Colombia S.A. (5) | Colombia | 10 | ||
| Dow Engineering Company | Delaware | 100 | ||
| Dow Engineering, Inc. | Michigan | 100 | ||
| Dow Environmental Inc. | Delaware | 100 | ||
| Dow Financial Holdings Inc. | Delaware | 100 | ||
| Dow Holdings Inc. | Delaware | 100 | ||
| Dow Corning Corporation (1) | Michigan | 50 | ||
| Dow Hydrocarbons and Resources Inc. | Delaware | 100 | ||
| Cayuse Pipeline, Inc. | Texas | 100 | ||
| Dow Intrastate Gas Company | Louisiana | 100 | ||
| Dow Pipeline Company | Texas | 100 | ||
| Midland Pipeline Corp. | Delaware | 100 | ||
| Fort Saskatchewan Ethylene Storage Corporation (1) | Canada | 50 | ||
| Fort Saskatchewan Ethylene Storage Limited Partnership (1) (17) | Canada | 1 | ||
| DowBrands L.P. (6) | Delaware | 58 | ||
| Dow Financial Services Inc. | Delaware | 100 | ||
| Dow Global Technologies Inc. | Delaware | 100 | ||
| Chemtech Portfolio Inc. (13) | Texas | 67 | ||
| Dow International B.V. | Netherlands | 100 | ||
| Dow International Financial Services | Ireland | 100 | ||
| Dow Capital Public Limited Company | Ireland | 100 | ||
| Dow International Holdings Company (34) | Delaware | 82 | ||
| Dow International Holdings S.A. | Switzerland | 100 | ||
| Dow International Holdings General Partnership (30) | Bermuda | 99 | ||
| Dow Europe Holding B.V. | Netherlands | 100 | ||
| Dow Olefinverbund GmbH | Germany | 100 | ||
| BSL Pipeline Gesellschaft mbH & Co. KG | Germany | 80 | ||
| BSL Pipeline Verwaltungsgesellschaft mbH | Germany | 80 | ||
| Dow Automotive (Deutschland) GmbH | Germany | 100 | ||
| Dow Deutschland GmbH & Co. OHG (9) | Germany | 98 | ||
| Dow PET GmbH | Germany | 100 | ||
| Safechem Umwelt Service GmbH | Germany | 100 | ||
| ConSecFin B.V. | Netherlands | 100 | ||
| Core Products SAS (1) | France | 50 | ||
| Dow Austria GmbH | Austria | 100 | ||
| Dow Belgium B.V.B.A | Belgium | 100 | ||
| Dow Benelux B.V. | Netherlands | 100 | ||
| Dow Netwerk B.V. | Netherlands | 100 | ||
| Emergo Finance C.V. (1) | Netherlands | 50 | ||
| Inkoopcombinatie ELSTA V.O.F. (1) | Netherlands | 50 | ||
| Polyol Belgium B.V.B.A. (12) | Belgium | 99 |
162
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Rofan Automation and Information Systems B.V. | Netherlands | 100 | ||
| Terneuzen EPE Train 3 B.V. | Netherlands | 100 | ||
| EPE Train 3 Finance C.V. (1) | Netherlands | 50 | ||
| Terneuzen Partnership Services B.V. | Netherlands | 100 | ||
| Valuepark Terneuzen CV (1) (40) | Netherlands | 10 | ||
| Valuepark Terneuzen Beheer BV (1) | Netherlands | 50 | ||
| Valuepark Terneuzen CV (1) (40) | Netherlands | 80 | ||
| Dow Chemical Company Limited | United Kingdom | 100 | ||
| Dow Automotive (UK) Limited | United Kingdom | 100 | ||
| Cromarty Petroleum Company Limited (1) | United Kingdom | 50 | ||
| Dow Chemical Iberica S.L. | Spain | 100 | ||
| Transformadora de Etileno AIE (1) | Spain | 50 | ||
| Dow Chemical OOO | Russia | 100 | ||
| Dow Deutschland Beteiligungsgesellschaft mbH | Germany | 100 | ||
| Dow Deutschland GmbH & Co. OHG (9) | Germany | 1 | ||
| Dow Deutschland GmbH | Germany | 100 | ||
| Dow Deutschland GmbH & Co. OHG (9) | Germany | 1 | ||
| Dow Europe GmbH | Switzerland | 100 | ||
| Advanced Design Concepts GmbH (1) | Germany | 50 | ||
| Core Products GmbH (1) | Switzerland | 50 | ||
| Dolpa S.a.r.l. | Luxembourg | 100 | ||
| Dow International Service Center B.V.B.A (21) | Belgium | 99 | ||
| Dow Automotive (Italia) s.r.l. | Italy | 100 | ||
| Dow Automotive Romania S.A. | Romania | 51 | ||
| Dow Automotive South Africa (Pty) Ltd. | South Africa | 100 | ||
| Dow Europe Finance 1 BV | Netherlands | 100 | ||
| Dow Export GmbH | Switzerland | 100 | ||
| Dow Mideast Systems (JSC) (2) | Egypt | 1 | ||
| Rovec SAS | France | 100 | ||
| Dow Automotive (Espana) S.L. | Spain | 100 | ||
| Dow Automotive France SAS | France | 100 | ||
| Sound Alliance GmbH | Switzerland | 60 | ||
| Dow France S.A.S. | France | 100 | ||
| Dow Hellas A.E. | Greece | 100 | ||
| Dow Hungary Kft. (36) | Hungary | 99 | ||
| Dow InterBranch B.V. | Netherlands | 100 | ||
| Dow Danmark A/S | Denmark | 100 | ||
| Dow Hungary Kft. (36) | Hungary | 1 | ||
| Dow International Service Center B.V.B.A (21) | Belgium | 1 | ||
| Dow Mideast Systems (JSC) (2) | Egypt | 1 | ||
| Dow Norge A/S | Norway | 100 | ||
| Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3) | Turkey | 1 | ||
| Dow Zwijndrecht N.V. (31) | Belgium | 1 | ||
| Esti Chem A/S | Denmark | 100 | ||
| Dow Italia S.r.l. | Italy | 100 | ||
| Dow Poliuretani Italia s.r.l | Italy | 100 |
163
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Epoxital S.R.L. | Italy | 100 | ||
| Dow Mideast Systems (JSC) (2) | Egypt | 98 | ||
| Dow Polska Sp.z.o.o. | Poland | 100 | ||
| Dow Portugal—Produtos Quimicos, Unipessoal, Lda. | Portugal | 100 | ||
| Dow Southern Africa (Pty) Ltd. | South Africa | 100 | ||
| Dow Suomi OY | Finland | 100 | ||
| Dow Sverige AB | Sweden | 100 | ||
| Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3) | Turkey | 99 | ||
| Dow Zwijndrecht N.V. (31) | Belgium | 99 | ||
| Dow (Wilton) Limited | United Kingdom | 100 | ||
| Ginger B.V. (1) | Netherlands | 50 | ||
| Haltermann B.V.B.A. | Belgium | 100 | ||
| Pacific Epoxy Company Ltd. | Korea | 80 | ||
| Polyol Belgium B.V.B.A. (12) | Belgium | 1 | ||
| Dow Internacional Mexicana S.A. de C.V. | Mexico | 100 | ||
| Dow Investment Argentina S.A. | Argentina | 100 | ||
| PBBPolisur S.A. | Argentina | 72 | ||
| Dow Kakoh Kabushiki Kaisha | Japan | 65 | ||
| Dow Quimica Argentina S.A. (32) | Argentina | 87 | ||
| Dow Quimica Chilena S.A. (33) | Chile | 89 | ||
| Dow Quimica de Colombia S.A. (5) | Colombia | 90 | ||
| Dow Quimica Latin America S.A. | Uruguay | 100 | ||
| Dow Quimica Mexicana S.A. de C.V. (26) | Mexico | 85 | ||
| Plantas Industriales Asociadas C.A. | Ecuador | 100 | ||
| Dow South Africa Holdings (Pty.) Ltd. | South Africa | 100 | ||
| Sentrachem Limited | South Africa | 100 | ||
| Chrome International South Africa (Pty) Limited (1) | South Africa | 50 | ||
| Cisvaal (Proprietary) Limited | South Africa | 100 | ||
| Dow Plastics Southern Africa (Pty) Ltd. | South Africa | 100 | ||
| Jakkalsbessie Beleggings (EDMS) Bpk. | South Africa | 100 | ||
| Minchem International Inc. | South Africa | 100 | ||
| South African Polymer Holdings (PTY) Ltd. | South Africa | 100 | ||
| Syntheta Pty Ltd. | South Africa | 100 | ||
| Dow Trading PRC Inc. | Delaware | 100 | ||
| Dow Trading S.A. | Switzerland | 100 | ||
| Dow Trent Limited | United Kingdom | 100 | ||
| Dow UK Limited | United Kingdom | 100 | ||
| Haltermann Limited | United Kingdom | 100 | ||
| Ascot Holdings Limited | United Kingdom | 100 | ||
| Marclay Limited | United Kingdom | 100 | ||
| Ascot International Management Limited | United Kingdom | 100 | ||
| Haltermann Netherlands B.V. | Netherlands | 100 | ||
| Ascot Limited | United Kingdom | 100 | ||
| Ascot Investments Limited | United Kingdom | 100 | ||
| Ascot Chemicals Limited | United Kingdom | 100 | ||
| Mitchell Cotts Chemicals Limited | United Kingdom | 100 |
164
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Suter Ash Limited | United Kingdom | 100 | ||
| Ascot Management Services Limited | United Kingdom | 100 | ||
| Ascot Corporate Directors Limited | United Kingdom | 100 | ||
| Haltermann Pension Trustees Limited | United Kingdom | 100 | ||
| Ascot Nominees Limited | United Kingdom | 100 | ||
| Ascot Quest Trustee Limited | United Kingdom | 100 | ||
| Ascot Real Estate Limited | United Kingdom | 100 | ||
| Chirotech Technology Limited | United Kingdom | 100 | ||
| Ellesmere Port Properties Limited | United Kingdom | 100 | ||
| Lynshield Limited (1) | United Kingdom | 50 | ||
| Suter Equipment Limited | United Kingdom | 100 | ||
| Suter Limited | United Kingdom | 100 | ||
| Ascot Commercial Limited | United Kingdom | 100 | ||
| Ascot Group Finance Limited | United Kingdom | 100 | ||
| St. Vincent's Limited | United Kingdom | 100 | ||
| Ascot Overseas Ltd. | United Kingdom | 100 | ||
| Haltermann AG | Switzerland | 100 | ||
| Chemoxy International Limited | United Kingdom | 100 | ||
| Jolly No. 2 Limited | United Kingdom | 100 | ||
| Dow Venezuela, C.A. (7) | Venezuela | 37 | ||
| DowBrands Inc. (20) | Delaware | 79 | ||
| DSL Holdings Inc. | Delaware | 100 | ||
| Dow Reichhold Specialty Latex LLC (1) | Delaware | 50 | ||
| Essex Chemical Corporation | New Jersey | 100 | ||
| Essex Specialty Products LLC | New Jersey | 100 | ||
| American Mortell Corporation | Texas | 100 | ||
| Mortell Company | Delaware | 100 | ||
| Anabond Essex India Private Limited (1) | India | 50 | ||
| Dow International Holdings Company (34) | Delaware | 11 | ||
| Essex de Hermosillo, S.A. DE C.V. | Mexico | 100 | ||
| Sound Alliance LLC | Delaware | 60 | ||
| Wuhan Essex Chemical Co., Ltd. | China | 51 | ||
| Etoxilados del Plata S.A. | Argentina | 100 | ||
| FilmTec Corporation | Delaware | 100 | ||
| Flexible Products Company | Georgia | 100 | ||
| Flexible Products Company of Canada, Inc | Canada | 100 | ||
| Forbanco Inc. | Delaware | 100 | ||
| General Latex and Chemical Corporation | Massachusetts | 100 | ||
| General Latex and Chemical Corporation (of Ga.) | Georgia | 100 | ||
| General Latex and Chemical Corporation (of N.C.) | North Carolina | 100 | ||
| General Latex and Chemical Corporation (of Ohio) | Ohio | 100 | ||
| General Latex Canada Inc. | Canada | 100 | ||
| Great Western Pipeline Company, Inc. | California | 100 | ||
| Ifco Inc. | Delaware | 100 | ||
| Chemtech II L.P. (8) | Delaware | 5 | ||
| Ion Holdings LLC (25) | Delaware | 60 |
165
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Ion Investments S.a.r.l. | Luxembourg | 100 | ||
| Tornado Finance V.O.F. | Netherlands | 60 | ||
| INCA International S.p.A. | Italy | 100 | ||
| Intarsia Corporation | Delaware | 99 | ||
| iVenturi, Inc. | Delaware | 54 | ||
| Joliet Marine Terminal Trust Estate (1) | Illinois | 50 | ||
| Liana Limited | Delaware | 100 | ||
| Dorinco Insurance (Ireland) Limited | Ireland | 100 | ||
| Dorinco Reinsurance Company | Michigan | 100 | ||
| Dorintal Reinsurance Limited | Bermuda | 100 | ||
| Timber Insurance Limited | Bermuda | 100 | ||
| LG Dow Polycarbonate Limited (1) | Korea | 50 | ||
| Neolytica, Inc. | Delaware | 100 | ||
| PT Dow Chemical Indonesia (23) | Indonesia | 85 | ||
| P.T. Dow AgroSciences Indonesia (39) | Indonesia | 1 | ||
| Productos Quimicos Peruanos S.A. (37) | Peru | 91 | ||
| Proresin Inc. | Delaware | 100 | ||
| Haltermann Incorporated | Texas | 100 | ||
| Johann Haltermann Ltd. (38) | Texas | 1 | ||
| Johann Haltermann Ltd. (38) | Texas | 99 | ||
| Raven Group Ltd. | Delaware | 100 | ||
| RavenWorks Ltd. | Delaware | 85 | ||
| Rofan Services Inc. | Delaware | 100 | ||
| DH Compounding Company (1) | Delaware | 50 | ||
| Dow AgroSciences LLC (11) | Delaware | 10 | ||
| Ion Holdings LLC (25) | Delaware | 40 | ||
| Mycogen Corporation (19) | California | 88 | ||
| Dow AgroSciences LLC (11) | Delaware | 51 | ||
| Alsan Research (1) | Iowa | 50 | ||
| Bayer DAS (Private) Limited (1) | Pakistan | 50 | ||
| DERe Insurance Company | Vermont | 100 | ||
| Dintec Agrichemicals LLC (1) | Delaware | 50 | ||
| Dow AgroSciences Agricultural Products Limited | Mauritius | 100 | ||
| DE-NOCIL Crop Protection Limited | India | 76 | ||
| Dow AgroSciences B.V. | Netherlands | 100 | ||
| Ambito DAS S.A. (1) | Argentina | 50 | ||
| Chaco DAS S.A. (1) | Argentina | 50 | ||
| Costa Galana DAS SA (1) | Argentina | 50 | ||
| DAS Ihara K.K. (1) | Japan | 50 | ||
| Daser Agro SA (1) | Argentina | 50 | ||
| Desab S.A. (1) | Argentina | 50 | ||
| Dintec Agroquimica Produtos Quimicos, Lda. | Portugal | 66 | ||
| Distribuidora de Agroquimicos del Sureste de la Republica S.A. de C.V. (1) | Mexico | 50 | ||
| Dow AgroSciences (Malaysia) Sdn Bhd | Malaysia | 100 | ||
| Dow AgroSciences (NZ) Limited | New Zealand | 100 | ||
| Dow AgroSciences A.S. | Turkey | 100 |
166
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Dow AgroSciences Argentina S.A. (27) | Argentina | 89 | ||
| Corporacion de Inversiones Frutihorticolas S.A. | Argentina | 100 | ||
| Dow AgroSciences Asia Sdn. Bhd. | Malaysia | 100 | ||
| Dow AgroSciences Australia Limited | Australia | 100 | ||
| Dow AgroSciences Bolivia S.A. | Bolivia | 100 | ||
| Dow AgroSciences Canada Inc. | Canada | 100 | ||
| Dow AgroSciences Chile S.A. | Chile | 100 | ||
| Dow AgroSciences Costa Rica S.A. | Costa Rica | 100 | ||
| Dow AgroSciences Danmark A/S | Denmark | 100 | ||
| Dow AgroSciences de Colombia S.A. | Colombia | 100 | ||
| Dow AgroSciences de Mexico S.A. de C.V. | Mexico | 100 | ||
| Dow AgroSciences Export S.A.S. | France | 100 | ||
| Dow AgroSciences GmbH | Germany | 100 | ||
| Dow AgroSciences Guatemala S.A. | Guatemala | 100 | ||
| Dow AgroSciences Iberica S.A. | Spain | 100 | ||
| Dow AgroSciences Industrial Ltda. | Brazil | 100 | ||
| Dow AgroSciences Limited | United Kingdom | 100 | ||
| Dow AgroSciences Pacific Limited | Hong Kong | 100 | ||
| Dow AgroSciences Paraguay S.A. | Paraguay | 100 | ||
| Dow AgroSciences Polska Sp z.o.o. | Poland | 100 | ||
| Dow AgroSciences Hungary KFT (24) | Hungary | 1 | ||
| Dow AgroSciences S.A.S. | France | 100 | ||
| Dow AgroSciences Distribution S.A.S. | France | 100 | ||
| Dow AgroSciences s.r.o. | Czech Republic | 100 | ||
| Dow AgroSciences Sverige A/B | Sweden | 100 | ||
| Dow AgroSciences Taiwan Ltd. | China | 100 | ||
| Dow AgroSciences Technology GmbH | Switzerland | 100 | ||
| Dow AgroSciences Switzerland S.A. | Switzerland | 100 | ||
| Dow AgroSciences Hungary KFT (24) | Hungary | 99 | ||
| Pytech Chemicals GmbH (1) | Switzerland | 50 | ||
| Dow AgroSciences Uruguay S.A. | Uruguay | 100 | ||
| Dow AgroSciences Vertriebsgesellschaft mbH | Austria | 100 | ||
| Dow Chemical Japan Limited (10) | Japan | 11 | ||
| DAS Ryosho Corporation | Japan | 53 | ||
| Dow Venezuela, C.A. (7) | Venezuela | 54 | ||
| Fedea S.A. (1) | Argentina | 50 | ||
| I.C.R.—Intermedi Chimici Ravenna s.r.l. (1) | Italy | 50 | ||
| JV Agro S.A. (1) | Argentina | 50 | ||
| P.T. Dow AgroSciences Indonesia (39) | Indonesia | 99 | ||
| Pentec—Produtos Quimicos, Lda. (1) | Portugal | 50 | ||
| Rindes y Cultivos—DAS S.A. (1) | Argentina | 50 | ||
| Ubajay-DAS S.A. (1) | Argentina | 50 | ||
| Zoo-Agro de Venezuela, C.A. (1) | Venezuela | 50 | ||
| Dow AgroSciences Barbados Limited | Barbados | 100 | ||
| Dow AgroSciences China Ltd. | Delaware | 100 | ||
| Dow AgroSciences International Ltd. | Delaware | 100 |
167
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Dow AgroSciences (Thailand) Limited | Thailand | 100 | ||
| Dow AgroSciences Southern Africa (Proprietary) Limited | South Africa | 100 | ||
| Agroserve (Proprietary) Limited | South Africa | 100 | ||
| Sanachem (Zimbabwe) (Pvt) Ltd | Zimbabwe | 100 | ||
| DowBrands Inc. (20) | Delaware | 21 | ||
| OCI DAS Co., Ltd. (1) | Korea | 50 | ||
| DAS Agricultural Investment Holding Company Ltd. | Mauritius | 100 | ||
| Nantong DAS Chemical Co., Ltd. | China | 82 | ||
| Mycogen Crop Protection, Inc. | California | 100 | ||
| Mycogen Far East Asia Corporation | California | 100 | ||
| Mycogen S.A. de C.V. (4) | Mexico | 99 | ||
| Parasitix Corporation | California | 100 | ||
| Mycogen Plant Science, Inc. | Delaware | 100 | ||
| Agrigenetics, Inc. | Delaware | 100 | ||
| Agrigenetics Molokai LLC | Hawaii | 100 | ||
| Dow AgroSciences Argentina S.A. (27) | Argentina | 11 | ||
| Mycogen Canada Inc. | Canada | 100 | ||
| Mycogen Seeds-Puerto Rico Corporation | Delaware | 100 | ||
| Mycogen S.A. de C.V. (4) | Mexico | 1 | ||
| Mycosub/BA, Inc. | Delaware | 100 | ||
| MJT BA L.P. (1) | California | 50 | ||
| Mycosub/BH, Inc. | Delaware | 100 | ||
| MJT BH/BT L.P. (1) | California | 50 | ||
| Phytogen Seed Company, LLC | Delaware | 51 | ||
| Sementes Dow AgroSciences Ltda | Brazil | 100 | ||
| Wenben Inc. | Delaware | 100 | ||
| Dupont Dow Elastomers L.L.C. (1) | Delaware | 50 | ||
| Scotdril Midland Inc. | Michigan | 100 | ||
| Sentrachem US, Inc. | Delaware | 100 | ||
| Hampshire Holdings, Inc. | Delaware | 100 | ||
| Hampshire Chemical Corp. | Delaware | 100 | ||
| Styron Asia Limited (1) | Hong Kong | 50 | ||
| Sumitomo Dow Limited. (1) | Japan | 50 | ||
| TCM Technologies Inc. | Delaware | 100 | ||
| Ulsan Pacific Chemical Corporation (14) | Korea | 20 | ||
| Union Carbide Corporation | New York | 100 | ||
| Amerchol Corporation | Delaware | 100 | ||
| American Acetyls (1) | Connecticut | 50 | ||
| Benefit Capital Management Corporation | Delaware | 100 | ||
| Calidria Corporation | Delaware | 100 | ||
| Carbide Chemical (Thailand) Limited | Thailand | 100 | ||
| Excellent Quality (Thailand) Company Limited | Thailand | 100 | ||
| Catalysts, Absorbents & Process Systems, Inc. | Maryland | 100 | ||
| UOP LLC (1) | Delaware | 50 | ||
| Chemicals Marine Fleet, Inc. | Delaware | 100 | ||
| Dow Chemical Canada Inc. (22) | Canada | 11 |
168
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Dow International Holdings Company (34) | Delaware | 7 | ||
| Dow Quimica Argentina S.A. (32) | Argentina | 12 | ||
| Dow Quimica Mexicana S.A. de C.V. (26) | Mexico | 15 | ||
| Dow Venezuela, C.A. (7) | Venezuela | 9 | ||
| EQUATE Marketing Company E.C. (1) | Bahrain | 50 | ||
| GlenGate Insurance Brokers Limited | Ireland | 100 | ||
| Global Industrial Corporation | New York | 100 | ||
| Industrias Carlisil, S.A. | Mexico | 100 | ||
| KTI Chemicals, Inc. | Delaware | 100 | ||
| Modeland International Holdings Inc. (35) | Barbados | 41 | ||
| National Carbon Company Pakistan (Private) Limited | Pakistan | 100 | ||
| Nippon Unicar Company Limited (1) | Japan | 50 | ||
| Optimal Chemicals (Malaysia) Sdn. Bhd. (1) | Malaysia | 50 | ||
| P.T. Union Carbide Indonesia | Indonesia | 100 | ||
| Seadrift Pipeline Corporation | Delaware | 100 | ||
| Servicios de Quimicos Agricolas, S. A. | Mexico | 100 | ||
| South Charleston Sewage Treatment Company | West Virginia | 100 | ||
| UCAR Emulsion Systems International, Inc. | Delaware | 100 | ||
| UCAR Emulsion Systems FZE | Dubai | 100 | ||
| UCAR Interam Inc. | Delaware | 100 | ||
| UCAR Louisiana Pipeline Company | Delaware | 100 | ||
| UCAR Pipeline Incorporated | Delaware | 100 | ||
| UCMG LLC | Delaware | 100 | ||
| Optimal Glycols (Malaysia) Sdn. Bdn. (1) | Malaysia | 50 | ||
| UC Finco Inc. | Delaware | 100 | ||
| Umetco Minerals Corporation | Delaware | 100 | ||
| Blue Creek Coal Co, Inc. | Delaware | 100 | ||
| Predate Properties (Pty) Ltd. | South Africa | 100 | ||
| Ruighoek Chrome Mines (Proprietary) Limited | South Africa | 100 | ||
| Umetco Minerals Exploration Corporation | Delaware | 100 | ||
| Union Carbide Asia Limited | Hong Kong | 100 | ||
| Shanghai Petrochemical Union Carbide Emulsion Systems Co, Ltd. | China | 63 | ||
| Union Carbide (Guangdong Zhongshan) Company Limited | China | 75 | ||
| Union Carbide Asia Pacific, Inc. | Delaware | 100 | ||
| Union Carbide Caribe LLC | Delaware | 100 | ||
| UCAR Resinas Caribe Inc. | Delaware | 100 | ||
| Union Carbide Chemicals & Plastics Technology Corporation | Delaware | 100 | ||
| Union Carbide China Investment Co., Ltd. | China | 100 | ||
| Union Carbide Comercial Nicaragua, S.A. | Nicaragua | 100 | ||
| Union Carbide Customer Services Pte. Ltd. | Singapore | 100 | ||
| Union Carbide Ethylene Oxide/Glycol Company | Delaware | 100 | ||
| Union Carbide Finance Corporation | Delaware | 100 | ||
| Union Carbide Foreign Sales Corporation | Virgin Islands | 100 | ||
| Union Carbide Formosa Company Ltd. | China | 100 | ||
| Union Carbide Inter-America, Inc. (Delaware) | Delaware | 100 | ||
| Dow Quimica Chilena S.A. (33) | Chile | 10 |
169
| | Location* | % Ownership | ||
|---|---|---|---|---|
| Productos Quimicos Peruanos S.A. (37) | Peru | 9 | ||
| Union Carbide Inter-America Inc. | New Jersey | 100 | ||
| Union Carbide Middle East Limited | Delaware | 100 | ||
| Union Carbide Pakistan (Private) Limited | Pakistan | 60 | ||
| Union Carbide Pan America, Inc. | Delaware | 100 | ||
| Dow Quimica Argentina S.A. (32) | Argentina | 1 | ||
| Dow Quimica Chilena S.A. (33) | Chile | 1 | ||
| Union Carbide Philippines (Far East), Inc. | Philippines | 100 | ||
| Union Carbide Polyolefins Development Company, Inc. | Delaware | 100 | ||
| Union Carbide South Africa (Proprietary) Limited | South Africa | 100 | ||
| Union Carbide Subsidiary C, Inc | Delaware | 100 | ||
| Univation Technologies, LLC (1) | Delaware | 50 | ||
| Union Carbide Subsidiary Q Inc. | Delaware | 100 | ||
| Union Carbide Wire & Cable Company, Inc. | Delaware | 100 | ||
| Union Polymers Sdn. Bhd. | Malaysia | 60 | ||
| UNISON Transformer Services, Inc. | Delaware | 100 | ||
| Westbridge Insurance Ltd. | Bermuda | 100 | ||
| World Ethanol Company (1) | Illinois | 50 | ||
| Warbler I LLC | Delaware | 100 | ||
| Yokkaichi MDI Limited (1) | Japan | 50 | ||
| Zhejiang Pacific Chemical Corporation | China | 100 |
*Location of incorporation or organization. Primary location of organization is reported for partnerships.
170
- (1)
- These companies are 50% owned nonconsolidated affiliates of The Dow Chemical Company and are accounted for on the equity basis. Separate financial statements for these companies are not included in this Form 10-K. These companies are not controlled, directly or indirectly, by The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.
- (2)
- The Dow Chemical Company effective ownership of Dow Mideast Systems (JSC) is 100% of which Dow Europe Holding B.V. owns 99.95%, Dow Europe GmbH owns 0.025% and Dow InterBranch B.V. owns 0.025%.
- (3)
- The Dow Chemical Company effective ownership of Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti is 100% of which Dow Europe Holding B.V. owns 99.9988% and Dow InterBranch B.V. owns 0.0012%.
- (4)
- The Dow Chemical Company effective ownership of Mycogen S.A. de C.V. is 100% of which Mycogen Crop Protection, Inc. owns 99% and Agrigenetics, Inc. owns 1%.
- (5)
- The Dow Chemical Company effective ownership of Dow Quimica de Colombia S.A. is 100% of which The Dow Chemical Company owns 90% and Dow Chemical Inter-American Limited owns 10%.
- (6)
- The Dow Chemical Company effective ownership of DowBrands L.P. is 100% of which Dow Financial Holdings Inc. owns 58% and DC Partnership Management Inc. owns 42%.
- (7)
- The Dow Chemical Company effective ownership of Dow Venezuela, C.A. is 100% of which The Dow Chemical Company owns 37.09%, Dow AgroSciences B. V. owns 53.84% and Union Carbide Corporation owns 9.07%.
- (8)
- The Dow Chemical Company effective ownership of Chemtech II L.P. is 77.61% of which Dow Chemical Delaware Corp. owns 72.46% and Ifco Inc. owns 5.15%.
- (9)
- The Dow Chemical Company effective ownership of Dow Deutschland GmbH & Co. OHG is 100% of which Dow Olefinverbund GmbH owns 98%, Dow Deutschland GmbH owns 1% and Dow Deutschland Beteiligungsgesellschaft mbH owns 1%.
- (10)
- The Dow Chemical Company effective ownership of Dow Chemical Japan Limited is 100% of which The Dow Chemical Company owns 89% and Dow AgroSciences B.V. owns 11%.
- (11)
- The Dow Chemical Company effective ownership of Dow AgroSciences LLC is 100% of which Rofan Services Inc. owns 10.09%, Centen Ag Inc. owns 38.91% and Mycogen Corporation owns 51%.
- (12)
- The Dow Chemical Company effective ownership of Polyol Belgium B.V.B.A. is 100% of which Dow Benelux B.V. owns 99.5% and Dow Europe Holding B.V. owns 0.5%.
- (13)
- The Dow Chemical Company effective ownership of Chemtech Portfolio Inc. is 92.57% of which Dow Global Technologies Inc. owns 66.82% and Chemtech II L.P. owns 33.18% (see Note 8 for Chemtech II L.P. to calculate The Dow Chemical Company effective ownership of 25.75%).
- (14)
- The Dow Chemical Company effective ownership of Ulsan Pacific Chemical Corporation is 100% of which Dow Chemical Pacific Limited owns 80% and The Dow Chemical Company owns 20%.
- (15)
- The Dow Chemical Company effective ownership of Dow S/B Latex (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.
- (16)
- The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Co., Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.
- (17)
- The Dow Chemical Company effective ownership of Fort Saskatchewan Ethylene Storage Limited Partnership is 50% of which Dow Chemical Canada Inc. owns 49.9% and Fort Saskatchewan Ethylene Storage Corporation owns 0.2%. (Midland Pipeline Corporation owns 50% of Fort Saskatchewan Ethylene Storage Corporation.)
- (18)
- The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited is 50% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 40%.
- (19)
- The Dow Chemical Company effective ownership of Mycogen Corporation is 100% of which Centen Ag Inc. owns 11.89% and Rofan Services Inc. owns 88.11%.
- (20)
- The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow AgroSciences LLC owns 21% and The Dow Chemical Company owns 79%.
- (21)
- The Dow Chemical Company effective ownership of Dow International Service Center B.V.B.A. is 100% of which Dolpa S.a.r.l. owns 99.9993% and Dow InterBranch B.V. owns 0.0007%.
- (22)
- The Dow Chemical Company effective ownership of Dow Chemical Canada Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.
- (23)
- The Dow Chemical Company effective ownership of PT Dow Chemical Indonesia is 100% of which The Dow Chemical Company owns 84.5991% and Dow Chemical Pacific (Singapore) Private Limited owns 15.4009%.
- (24)
- The Dow Chemical Company effective ownership of Dow AgroSciences Hungary KFT is 100% of which Dow AgroSciences Switzerland S.A. owns 99.97% and Dow AgroSciences Polska Sp z.o.o. owns 0.03%.
- (25)
- The Dow Chemical Company effective ownership of Ion Holdings LLC is 100% of which The Dow Chemical Company owns 60% and Rofan Services Inc. owns 40%.
- (26)
- The Dow Chemical Company effective ownership of Dow Quimica Mexicana S.A. de C.V. is 100% of which The Dow Chemical Company owns 84.58% and Union Carbide Corporation owns 15.42%.
171
- (27)
- The Dow Chemical Company effective ownership of Dow AgroSciences Argentina S.A. is 100% of which Dow AgroSciences B.V. owns 89.13% and Agrigenetics, Inc. owns 10.87%.
- (28)
- The Dow Chemical Company effective ownership of Hobbes Capital S.A., a fully consolidated entity, is 49%.
- (29)
- The Dow Chemical Company effective ownership of Dexco Polymers L.P. is 50% of which DW Dexco Investment LLC owns 49.5% and Dexco Polymers Operating Company LLC owns 1%. (The Dow Chemical Company owns 50% of Dexco Polymers Operating Company LLC.)
- (30)
- The Dow Chemical Company effective ownership of Dow International Holdings General Partnership is 100% of which Dow International Holdings S.A. owns 99.92% and Dow Chemical International Ltd. owns 0.08%.
- (31)
- The Dow Chemical Company effective ownership of Dow Zwijndrecht N.V. is 100% of which Dow Europe Holding B.V. owns 99.65% and Dow InterBranch B.V. owns 0.35%.
- (32)
- The Dow Chemical Company effective ownership of Dow Quimica Argentina S.A. is 100% of which The Dow Chemical Company owns 87.89%, Union Carbide Corporation owns 11.99% and Union Carbide Pan America, Inc. owns 0.12%.
- (33)
- The Dow Chemical Company effective ownership of Dow Quimica Chilena S.A. is 100% of which The Dow Chemical Company owns 89.81%, Union Carbide Inter-America Inc. (Delaware) owns 10.16% and Union Carbide Pan America, Inc. owns 0.03%.
- (34)
- The Dow Chemical Company effective ownership of Dow International Holdings Company is 100% of which The Dow Chemical Company owns 81.72%, Essex Specialty Products LLC owns 10.87% and Union Carbide Corporation owns 7.41%.
- (35)
- The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which DowBrands Canada Inc. owns 59.1% and Union Carbide Corporation owns 40.9%.
- (36)
- The Dow Chemical Company effective ownership of Dow Hungary Kft. is 100% of which Dow Europe Holding B.V. owns 99.98% and Dow InterBranch B.V. owns 0.02%.
- (37)
- The Dow Chemical Company effective ownership of Productos Quimicos Peruanos S.A. is 100% of which The Dow Chemical Company owns 91.25% and Union Carbide Inter-America (Delaware) owns 8.75%.
- (38)
- The Dow Chemical Company effective ownership of Johann Haltermann Ltd. is 100% of which Proresin Inc. owns 99% and Haltermann Incorporated owns 1%.
- (39)
- The Dow Chemical Company effective ownership of P.T. Dow AgroSciences Indonesia is 100% of which Dow AgroSciences B.V. owns 99.9997% and PT Dow Chemical Indonesia owns 0.0003%.
- (40)
- The Dow Chemical Company effective ownership of Valuepark Terneuzen CV is 50% of which Terneuzen Partnership Services B.V. owns 10% and Valuepark Terneuzen Beheer BV owns 80%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV.)
- (41)
- The Dow Chemical Company effective ownership of Dow Chemical (India) Holdings Private Limited is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.
172
Subsidiaries of The Dow Chemical Company At December 31, 2003