Dow Chemical Joins Olympic Sponsors

The announcement of Dow was made Friday at a ceremony in New York City with IOC President Jacques Rogge and executives of the Midland, Michigan firm.

"We are delighted to welcome Dow to the TOP Program. As a global leader in the chemical industry and an innovator in sustainability, Dow will provide much more than critical financial support to the Olympic Movement," Rogge said.

"They will also bring industry-leading expertise and innovation to the Games themselves. Dow will be an important partner in making our vision for sustainability and global cooperation a reality."

The sponsorship is the first new worldwide sponsorship for the IOC in three years and brings to ten the number of TOP sponsors.

The new sponsorship begins now andruns through 2020.

Dow will be known as the official chemistry company of the IOC. It holds a similar sponsorship category with the PGA Tour.

Value of the Dow deal was not disclosed, but a marketing executive familiar with Olympic sponsorships estimates that it could be worth upwards of $175 million.

"With our long-standing commitment to global sustainability, innovation, scientific excellence and addressing world challenges, we believe Dow is perfectly matched to the vision of the Olympic Movement, which is about peace, progress and the world coming together to celebrate our common humanity," Dow CEO Andrew Liveris said.

"In addition, our association with the Olympics will present Dow with tremendous new business opportunities,making this partnership a powerful growth catalyst that comes at the right time in our Company’s strategic transformation."

The new sponsorship is likely to be followed by another in the coming weeks, perhaps with U.S. consumer products company Procter and Gamble, already a sponsor of the U.S. Olympic Committee.

Dow was an official supplier for the 2010 Vancouver Games. The chemical company is also a major sponsor of US Speedskating and Long Track Teams. Dow also provided supplies for skating and bobsled in the1980 Lake Placid Games.

"We are delighted that Dow is extending its partnership to a global basis for the next decade. The longterm nature of this partnership is excellent news for the Olympic Movement and ultimately for the athletes themselves," said IOC Marketing Commission Chairman Gerhard Heiberg.

The Dow Chemical Company’s corporate profile says the company "combines the power of science and technology with the ‘Human Element’ to passionately innovate what is essential to human progress." It was founded in 1897.

Dow offers a range of products including agriculture and food processing, electronics and entertainment, healthcare and medical, oil and gas and transportation. The company has more than 5,000 products and operates from 214 sites in 37 countries.

Dow had annual sales of $45 billion in 2009 and employed nearly 52,200 people around the globe.

Written by Ed Hula.