EX-21 7 a2182813zex-21.htm EX-21
QuickLinks -- Click here to rapidly navigate through this document


EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2007

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
The Dow Chemical Company   Delaware    
  Arabian Chemical Company (Latex) Ltd.(1)   Saudi Arabia   50
  Arabian Chemical Company (Polystyrene) Limited(1)   Saudi Arabia   50
  Arakawa Europe GmbH   Germany   60
  AVC Holdings Inc.(35)   Delaware   63
  Buildscape, LLC   Delaware   100
  CanStates Holdings, Inc.    Oklahoma   100
    ANGUS Chemical Company   Delaware   100
  CD Polymers Inc.    Delaware   100
  Centen Ag Inc.    Delaware   100
    Dow AgroSciences LLC(9)   Delaware   39
    Mycogen Corporation(16)   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.(1)(24)   Texas   49
  Dexco Polymers Operating Company LLC(1)   Texas   50
    Dexco Polymers L.P.(1)(24)   Texas   1
  Diamond Capital Management Inc.    Delaware   100
  DML Holding Inc.(40)   Delaware   89
  DMM Financial LLC   Delaware   100
    MTD Pipeline LLC(1)   Delaware   50
  Dofinco, Inc.    Delaware   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 (China) Investment Company Limited   China   100
    Dow Chemical (China) Company Limited   China   100
    Dow Chemical (Shanghai) Company Limited   China   100
    Dow Chemical (Zhangjiagang) Company Limited(13)   China   57
    Dow S/B Latex (Zhangjiagang) Co. Ltd.(12)   China   61
    Guangdong Zhongshan Amerchol Specialty Chemicals   China   90
    SAL Petrochemical (Zhangjiagang) Company Limited(15)   China   10
    Zhejiang Pacific Chemical Corporation   China   100
  Dow Chemical Delaware Corp.    Delaware   100
    Chemtech II L.P.(8)   Delaware   72
      Chemtech Portfolio Inc.(11)   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 Company(28)   Delaware   1
    Hobbes Capital S.A.(23)   Luxembourg   48
    Petroquimica-Dow S.A. (Petrodow)   Chile   100
  Dow Chemical Korea Limited(44)   Korea   86
  Dow Chemical (NZ) Limited   New Zealand   100
  Dow Chemical Pacific Limited   Hong Kong   100

209

  Dow Chemical Pacific (Singapore) Private Limited   Singapore   100
    Dow Chemical (Guangzhou) Company Limited   China   100
    Dow Chemical International Pvt. Ltd.(34)   India   99
    Dow Chemical (Malaysia) Sdn. Bhd.    Malaysia   100
    Dow Financial Holdings Singapore Pte Ltd.    Singapore   100
      Dow Chemical (Zhangjiagang) Company Limited(13)   China   43
      Dow S/B Latex (Zhangjiagang) Co. Ltd.(12)   China   39
      SAL Petrochemical (Zhangjiagang) Company Limited(15)   China   90
    Dow HPPO (Thailand) Limited   Thailand   100
    G.Z. Holdings Pte. Ltd.    Singapore   100
    PT Dow Chemical Indonesia(18)   Indonesia   15
    S.H.A. Holdings Pte. Ltd.    Singapore   100
  Dow Chemical (Singapore) Private Limited   Singapore   100
    Dow Chemical International Pvt. Ltd.(34)   India   1
  Dow Chemical Taiwan Limited   Taiwan   100
  Dow Chemical Telecommunications Corp.    Delaware   100
  Dow Credit Corporation   Delaware   100
  Dow Customs & Trade Inc.    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 Deutschland Management Inc.    Delaware   100
  Dow Engineering Company   Delaware   100
    Dow Engineering, Inc.    Michigan   100
  Dow Environmental Inc.    Delaware   100
  Dow Holdings LLC   Delaware   100
    Dow Corning Corporation(1)   Michigan   50
    Dow Hydrocarbons and Resources LLC   Delaware   100
      Cayuse Pipeline, Inc.    Texas   100
      Dow Intrastate Gas Company   Louisiana   100
      Dow Pipeline Company   Texas   100
      K/D/S Promix, LLC(1)   Texas   50
      Midland Pipeline Corp.    Delaware   100
        Fort Saskatchewan Ethylene Storage Corporation(1)   Canada   50
          Fort Saskatchewan Ethylene Storage Limited Partnership(1)(14)   Canada   1
    DowBrands L.P.(6)   Delaware   58
  Dow Financial Services Inc.    Delaware   100
  Dow Global Technologies Inc.    Delaware   100
    AVC Holdings Inc.(35)   Delaware   37
    Chemtech Portfolio Inc.(11)   Texas   67
    Dow Technology Investments LLC(47)   Delaware   50
  Dow Internacional Mexicana S.A. de C.V.    Mexico   100
  Dow International B.V.    Netherlands   100
  Dow International Financial Services   Ireland   100
    Dow Capital Public Limited Company   Ireland   100
  Dow International Holdings Company(28)   Delaware   72
    DC Spectrum Holding C.V.(48)   Netherlands   99
      Coöperatieve DC Prisma Holding U.A.(49)   Netherlands   99
        Dow Dutch Holding B.V.    Netherlands   100
          DC Galaxy Holding C.V.(50)   Netherlands   1
          Dow Europe Finance I B.V.    Netherlands   100

210

          Dow International Holdings S.A.    Switzerland   100
            DC Galaxy Holding C.V.(50)   Netherlands   99
              Dow Europe Holding B.V.    Netherlands   100
                BASF DOW HPPO B.V.(1)   Netherlands   50
                BASF DOW HPPO Technology B.V.(1)   Netherlands   50
                CaseTech Polska Sp. z o.o.    Poland   100
                Control Securities Finance (Consecfin) B.V.    Netherlands   100
                Domaluna B.V.    Netherlands   100
                Dow Austria Gesellschaft m.b.H   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
                  Polyol Belgium B.V.B.A.(10)   Belgium   99
                  Valuepark Terneuzen Beheer B.V.(1)   Netherlands   50
                    Valuepark Terneuzen C.V.(1)(33)   Netherlands   1
                Dow Beteiligungsgesellschaft mbH & Co. KG   Germany   100
                  Dow Olefinverbund GmbH   Germany   5
                Dow Chemical Company Limited   United Kingdom   100
                  Autothane Limited   United Kingdom   100
                  Cromarty Petroleum Company Limited(1)   United Kingdom   50
                  Hyperlast Limited   United Kingdom   100
                    ALH Rail Coatings Limited(1)   United Kingdom   50
                    Hypertec Print Services Limited   United Kingdom   100
                    Xitrack Limited(1)   United Kingdom   50
                Dow Chemical Iberica S.L.    Spain   99
                  Terminal de Atraque de Productos Petroquimicos AIE(1)   Spain   50
                  Transformadora de Etileno A.I.E.(1)   Spain   50
                  Wolff Cellulosics S.L.    Spain   100
                Dow Chemical Korea Limited(44)   Korea   14
                Dow Chemical OOO   Russia   100
                Dow Chemical Romania S.R.L.    Romania   100
                Dow Europe GmbH   Switzerland   100
                  Advanced Design Concepts GmbH(1)   Germany   50
                  Dolpa S.a.r.l.    Luxembourg   100
                  Dow Contract Services FZE   Dubai   100
                  Dow Export GmbH   Switzerland   100
                  Dow Mideast Systems S.A.E. (JSC)(2)   Egypt   1
                Dow France S.A.S.    France   100
                Dow Hellas A.E.    Greece   100
                Dow Hungary Kft.(30)   Hungary   99
                Dow InterBranch B.V.    Netherlands   100
                  Dow Danmark A/S   Denmark   100
                  Dow Hungary Kft.(30)   Hungary   1
                  Dow Mideast Systems S.A.E. (JSC)(2)   Egypt   1
                  Dow Norge A/S   Norway   100
                  Dow Saudi Arabia Company(45)   Saudi Arabia   15
                  Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti(3)   Turkey   1
                  Dow Zwijndrecht B.V.B.A.(25)   Belgium   1
                  MTP HPPO Manufacturing Company Limited   Thailand   100
                Dow Italia s.r.l.    Italy   100

211

                  Dow AgroSciences Italia s.r.l.    Italy   100
                  Dow Italia Divisione Commerciale s.r.l   Italy   100
                Dow Mideast Systems S.A.E. (JSC)(2)   Egypt   98
                Dow Olefinverbund GmbH   Germany   95
                  ANGUS Chemie GmbH   Germany   100
                    Dow Deutschland GmbH & Co OHG(39)   Germany   30
                    Dow Wolff Cellulosics GmbH & Co OHG(46)   Germany   50
                  Dow Pipeline Gesellschaft mbH & Co. KG   Germany   80
                  Dow Pipeline Verwaltungsgesellschaft mbH   Germany   80
                  Dow AgroSciences GmbH   Germany   100
                  Dow Automotive (Deutschland) GmbH   Germany   100
                    Dow Deutschland GmbH & Co OHG(39)   Germany   35
                  Dow Deutschland Anlagengesellschaft mbH   Germany   100
                    Dow Wolff Cellulosics GmbH   Germany   100
                      AF Personalpartner GmbH   Germany   100
                      CaseTech Geschaftsfuhrungs-GmbH   Germany   100
                        Gerhard Peter GmbH   Germany   100
                      CaseTech GmbH & Co. KG   Germany   100
                      Probis GmbH   Germany   100
                    UPPC AG   Germany   100
                      UPPC Ltd.    United Kingdom   100
                      UPPC S.A.R.L.    France   75
                  SAFECHEM Europe GmbH   Germany   100
                    Dow Deutschland GmbH & Co OHG(39)   Germany   35
                    Dow Wolff Cellulosics GmbH & Co OHG(46)   Germany   50
                Dow Polska Sp.z.o.o.    Poland   100
                Dow Portugal—Produtos Quimicos, Unipessoal, Lda.    Portugal   100
                Dow Saudi Arabia Company(45)   Saudi Arabia   85
                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 B.V.B.A.(25)   Belgium   99
                Dow (Wilton) Limited   United Kingdom   100
                Edulan A/S   Denmark   100
                  Edulan UK Limited   United Kingdom   100
                Ginger B.V.(1)   Netherlands   50
                Haltermann B.V.B.A.    Belgium   100
                HPPO Holding & Finance C.V.(1)   Netherlands   50
                MEGlobal B.V.(1)   Netherlands   50
                Oman Petrochemical Industries Company LLC(1)   Oman   50
                Polyol Belgium B.V.B.A.(10)   Belgium   1
                RUS Polyurethanes Holding B.V.    Netherlands   58
                  Dow Izolan OOO   Russia   100
                UC Investment B.V.    Netherlands   100
          Rofan Automation and Information Systems B.V.    Netherlands   100
          Terneuzen Partnership Services B.V.    Netherlands   100
            Valuepark Terneuzen C.V.(1)(33)   Netherlands   49
      Dow Netherlands Investments LLC   Delaware   100
        Coöperatieve DC Prisma Holding U.A.(49)   Netherlands   1
    Dow Netherlands Holdings LLC   Delaware   100

212

      DC Spectrum Holding C.V.(48)   Netherlands   1
    DowBrands Inc.(17)   Delaware   79
  Dow International Technology Corporation   Delaware   100
  Dow Investment Argentina S.A.(36)   Argentina   97
    PBBPolisur S.A.(38)   Argentina   72
  Dow Kakoh Kabushiki Kaisha   Japan   65
  Dow Pacific Holdings B.V.    Netherlands   100
  Dow Quimica Argentina S.A.(26)   Argentina   87
  Dow Quimica Chilena S.A.(27)   Chile   89
  Dow Quimica de Colombia S.A.(5)   Colombia   90
  Dow Quimica Mexicana S.A. de C.V.(21)   Mexico   85
  Dow South Africa Holdings (Pty.) Ltd.    South Africa   100
    Sentrachem Limited   South Africa   100
      Cisvaal (Proprietary) Limited   South Africa   100
      Minchem International Inc.    South Africa   100
      South African Polymer Holdings (PTY) Ltd.    South Africa   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
        Ascot International Management Limited   United Kingdom   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
        Ascot Management Services Limited   United Kingdom   100
          Haltermann Pension Trustees Limited   United Kingdom   100
        Chirotech Technology Limited   United Kingdom   100
        Lynshield Limited(1)   United Kingdom   50
        Suter Limited   United Kingdom   100
          Ascot Overseas Ltd.    United Kingdom   100
  Dow Venezuela, C.A.(7)   Venezuela   36
  Dow Verwaltungsgesellschaft mbH   Germany   100
  DSL Holdings Inc.    Delaware   100
    Dow Reichhold Specialty Latex LLC(1)   Delaware   50
  Equipolymers B.V.(1)   Netherlands   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(28)   Delaware   9
    Dow Investment Argentina S.A.(36)   Argentina   3
    Essex de Hermosillo, S.A. DE C.V.    Mexico   100
    Wuhan Essex Chemical Co., Ltd.    China   100
  FilmTec Corporation   Delaware   100
    OMEX Overseas Holdings Inc.    Virgin Islands   100
      Shandong OMEX Environmental Engineering Co. Ltd.    China   100
      Zhejiang OMEX Environmental Engineering Co., Ltd.    China   100
  Flexible Products Company   Georgia   100

213

    Flexible Products Company of Canada, Inc   Canada   100
  Forbanco Inc.    Delaware   100
  GBRP, L.L.C.    Louisiana   94
  General Latex and Chemical Corporation   Massachusetts   100
    General Latex Canada Inc.    Canada   100
  GNS Enterprises, LLC   Georgia   100
  GNS Technologies, LLC   Georgia   100
  Great Western Pipeline Company, Inc.    California   100
  GWN Holding, Inc.(41)   Delaware   89
    Dow Canada Holding LP   Canada   100
      Dow Canada Holding B.V.    Netherlands   100
        Dow Chemical Canada Inc.    Canada   100
          Dow Chemical Finance Canada Inc.    Canada   100
            Modeland International Holdings Inc.(29)   Barbados   59
              Dow Brasil S.A.    Brazil   100
                Branco Dow Compostos de Engenharia S.A.    Brazil   100
                Cambricos de Uruguay S.A.    Uruguay   100
                Dopec Industria E Comercio Ltda.    Brazil   100
                Dow Especialidades Quimicas Ltda.    Brazil   100
                Dow Brasil Sudeste Industrial Ltda.    Brazil   100
                Keytil Sociedad Anonima   Uruguay   100
          Essex Specialty Products, Inc., Canada   Canada   100
          Fort Saskatchewan Ethylene Storage Limited Partnership(1)(14)   Canada   49
          H-D Tech Inc.(1)   Canada   50
          MEGlobal Canada Inc(1)   Canada   50
          Petromont and Company, Limited Partnership(1)   Canada   50
          Petromont Inc.(1)   Canada   50
  Ifco Inc.    Delaware   100
    Chemtech II L.P.(8)   Delaware   5
  Ion Holdings LLC(20)   Delaware   60
    Ion Investments S.a.r.l.    Luxembourg   100
      Tornado Finance V.O.F.    Netherlands   60
  Intarsia Corporation   Delaware   99
  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
  PBBPolisur S.A.(38)   Argentina   28
  PT Dow Chemical Indonesia(18)   Indonesia   85
  Productos Quimicos Peruanos S.A.(31)   Peru   91
  Proresin Inc.    Delaware   100
    Haltermann Incorporated   Texas   100
      Johann Haltermann Ltd.(32)   Texas   1
    Johann Haltermann Ltd.(32)   Texas   99
  Raven Group Ltd.    Delaware   100
  RavenWorks Ltd.    Delaware   100
  Rofan Services Inc.    Delaware   100
    Dow AgroSciences LLC(9)   Delaware   10

214

    Ion Holdings LLC(20)   Delaware   40
    Mycogen Corporation(16)   California   88
      Dow AgroSciences LLC(9)   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
            Dow AgroSciences India Pvt. Ltd.(37)   India   99
          Dow AgroSciences B.V.    Netherlands   100
            Ambito DAS S.A.(1)   Argentina   50
            ChacoDAS S.A.(1)   Argentina   50
            DASER AGRO S.A.(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 A.S.    Turkey   100
            Dow AgroSciences Argentina S.A.(22)   Argentina   89
              Dow AgroSciences Bolivia S.A.(42)   Bolivia   1
              Dow AgroSciences Paraguay S.A.(43)   Paraguay   1
            Dow AgroSciences Asia Sdn. Bhd.    Malaysia   100
            Dow AgroSciences Australia Limited   Australia   100
            Dow AgroSciences Bolivia S.A.(42)   Bolivia   98
            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 Guatemala S.A.    Guatemala   100
            Dow AgroSciences Iberica S.A.    Spain   100
            Dow AgroSciences Industrial Ltda.    Brazil   100
              Agromen Technolgia Ltda.    Brazil   100
            Dow AgroSciences Limited   United Kingdom   100
            Dow AgroSciences (NZ) Limited   New Zealand   100
            Dow AgroSciences Pacific Limited   Hong Kong   100
            Dow AgroSciences Paraguay S.A.(43)   Paraguay   99
              Dow AgroSciences Bolivia S.A.(42)   Bolivia   1
            Dow AgroSciences Polska Sp z.o.o.    Poland   100
              Dow AgroSciences Hungary KFT(19)   Hungary   1
            Dow AgroSciences S.A.S.    France   100
              Dow AgroSciences Distribution S.A.S.    France   100
            Dow AgroSciences (Malaysia) Sdn Bhd   Malaysia   100
            Dow AgroSciences s.r.o.    Czech Republic   100
            Dow AgroSciences Sverige A/B   Sweden   100
            Dow AgroSciences Taiwan Ltd.    Taiwan   100
            Dow AgroSciences Technology GmbH   Switzerland   100
              Dow AgroSciences Switzerland S.A.    Switzerland   100
                Dow AgroSciences Hungary KFT(19)   Hungary   99
                Pytech Chemicals GmbH(1)   Switzerland   50

215

            Dow AgroSciences Uruguay S.A.    Uruguay   100
            Dow AgroSciences Vertriebsgesellschaft m.b.H.    Austria   100
            Dow Chemical Japan Limited   Japan   100
            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   Indonesia   95
            Pentec—Produtos Quimicos, Lda.(1)   Portugal   50
            Rindes y Cultivos—DAS S.A.(1)   Argentina   50
            Terramar JV S.A.(1)   Argentina   50
            Ubajay-DAS S.A.(1)   Argentina   50
          Dow AgroSciences Barbados Limited   Barbados   100
          Dow AgroSciences China Ltd.    Delaware   100
          Dow AgroSciences International Ltd.    Delaware   100
            Dow AgroSciences (Thailand) Limited   Thailand   100
          Dow AgroSciences Southern Africa (Proprietary) Limited   South Africa   100
            Sanachem Zimbabwe (Pvt) Ltd.    Zimbabwe   100
          DowBrands Inc.(17)   Delaware   21
          DAS Agricultural Investment Holding Company Ltd.    Mauritius   100
            Dow AgroSciences India Pvt. Ltd.(37)   India   1
            Nantong DAS Chemical Co., Ltd.    China   82
      Mycogen Crop Protection, Inc.    California   100
          Mycogen S.A. de C.V.(4)   Mexico   99
      Mycogen Plant Science, Inc.    Delaware   100
          Agrigenetics, Inc.    Delaware   100
            Agrigenetics Molokai LLC   Hawaii   100
            Dow AgroSciences Argentina S.A.(22)   Argentina   11
            Duo Maize B.V.    Netherlands   100
            Mycogen Seeds-Puerto Rico Corporation   Delaware   100
            Mycogen S.A. de C.V.(4)   Mexico   1
      Phytogen Seed Company, LLC   Delaware   54
    Wenben Inc.    Delaware   100
  Sentrachem US, Inc.    Delaware   100
    Hampshire Holdings, Inc.    Delaware   100
      Hampshire Chemical Corp.    Delaware   100
  Styron Asia Limited   Hong Kong   100
  Sumitomo Dow Limited.(1)   Japan   50
  TCM Technologies Inc.    Delaware   100
  Texas LNG Holdings LLC   Delaware   100
  Union Carbide Corporation   New York   100
    Amerchol Corporation   Delaware   100
    Benefit Capital Management Corporation   Delaware   100
    Calidria Corporation   Delaware   100
    Carbide Chemical (Thailand) Limited   Thailand   100
      Excellent Quality (Thailand) Company Limited   Thailand   100
    Catalysts, Adsorbents & Process Systems, Inc.    Maryland   100
    Chemicals Marine Fleet, Inc.    Delaware   100
    DML Holding Inc.(40)   Delaware   11
    Dow International Holdings Company(28)   Delaware   18
    Dow Quimica Argentina S.A.(26)   Argentina   12

216

    Dow Quimica Mexicana S.A. de C.V.(21)   Mexico   15
    Dow Venezuela, C.A.(7)   Venezuela   10
    EQUATE Marketing Company E.C.(1)   Bahrain   50
    Global Industrial Corporation   New York   100
    GWN Holding, Inc.(41)   Delaware   11
    Industrias Carlisil, S.A.    Mexico   100
    KTI Chemicals, Inc.    Delaware   100
    Modeland International Holdings Inc.(29)   Barbados   41
    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. Bhd.(1)   Malaysia   50
    UC Finco Inc.    Delaware   100
    Umetco Minerals Corporation   Delaware   100
      Australia and New Zealand Exploration Company   Delaware   100
      Blue Creek Coal Company, Inc.    Delaware   100
      Predate Properties (Pty) Ltd.    South Africa   100
      Umetco Minerals Exploration Corporation   Delaware   100
    Union Carbide Asia Limited   Hong Kong   100
      Union Carbide (Guangdong Zhongshan) Company Limited   China   75
    Union Carbide Asia Pacific, Inc.    Delaware   100
    Union Carbide Caribe LLC   Delaware   100
    Union Carbide Chemicals & Plastics Technology LLC   Delaware   100
      Dow Technology Investments LLC(47)   Delaware   50
    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 Inter-America, Inc. (Delaware)   Delaware   100
      Dow Quimica Chilena S.A.(27)   Chile   10
      Productos Quimicos Peruanos S.A.(31)   Peru   9
    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.(26)   Argentina   1
      Dow Quimica Chilena S.A.(27)   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

217

    Union Polymers Sdn. Bhd.    Malaysia   90
    UNISON Transformer Services, Inc.    Delaware   100
    Westbridge Insurance Ltd.    Bermuda   100
  U.S. Laboratories, Inc.    Ohio   100
    Administrative Business Systems, Inc.    Ohio   100
    Poly-Carb, Inc.    Ohio   100
  Walsroder Packaging LLC   Delaware   100
  Warbler I LLC   Delaware   100
  Yokkaichi MDI Limited(1)   Japan   50
*
Location of incorporation or organization. Primary location of organization is reported for partnerships.

218

(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 S.A.E. (JSC) is 100% of which Dow Europe Holding B.V. owns 99.96%, Dow Europe GmbH owns 0.020% and Dow InterBranch B.V. owns 0.020%.

(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 99.87% and Dow InterBranch B.V. owns 0.13%.

(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 Holdings LLC 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 36.06%, Dow AgroSciences B. V. owns 53.84% and Union Carbide Corporation owns 10.1%.

(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 AgroSciences LLC is 100% of which Rofan Services Inc. owns 10.09%, Centen Ag Inc. owns 38.91% and Mycogen Corporation owns 51%.

(10)
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%.

(11)
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% (The Dow Chemical Company effectively owns 77.61% of Chemtech II L.P.: see note 8 above).

(12)
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 61.16% and Dow Financial Holdings Singapore Pte Ltd. owns 38.84%.

(13)
The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Company Limited is 100% of which Dow Chemical (China) Investment Company Limited owns 56.89% and Dow Financial Holdings Singapore Pte Ltd. owns 43.11%.

(14)
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 Corp. owns 50% of Fort Saskatchewan Ethylene Storage Corporation.)

(15)
The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited 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 Mycogen Corporation is 100% of which Centen Ag Inc. owns 11.89% and Rofan Services Inc. owns 88.11%.

(17)
The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow AgroSciences LLC owns 21% and Dow International Holdings Company owns 79%.

(18)
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%.

(19)
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%.

(20)
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%.

(21)
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%.

(22)
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%.

(23)
The Dow Chemical Company effective ownership of Hobbes Capital S.A., a fully consolidated entity, is 48%.

(24)
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).

(25)
The Dow Chemical Company effective ownership of Dow Zwijndrecht B.V.B.A. is 100% of which Dow Europe Holding B.V. owns 99.65% and Dow InterBranch B.V. owns 0.35%.

219

(26)
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%.

(27)
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%.

(28)
The Dow Chemical Company effective ownership of Dow International Holdings Company is 100% of which The Dow Chemical Company owns 72.36%, Essex Specialty Products LLC owns 8.846%, Union Carbide Corporation owns 18.75% and Dow Chemical International Ltd owns .044%.

(29)
The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which Dow Chemical Finance Canada Inc. owns 59.1% and Union Carbide Corporation owns 40.9%.

(30)
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%.

(31)
The Dow Chemical Company effective ownership of Productos Quimicos Peruanos S.A. is 100% of which The Dow Chemical Company owns 91.21% and Union Carbide Inter-America Inc. (Delaware) owns 8.79%.

(32)
The Dow Chemical Company effective ownership of Johann Haltermann Ltd. is 100% of which Proresin Inc. owns 99% and Haltermann Incorporated owns 1%.

(33)
The Dow Chemical Company effective ownership of Valuepark Terneuzen C.V. is 50% of which Terneuzen Partnership Services B.V. owns 49.82% and Valuepark Terneuzen Beheer B.V. owns .36%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV).

(34)
The Dow Chemical Company effective ownership of Dow Chemical International Pvt. Ltd. is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.

(35)
The Dow Chemical Company effective ownership of AVC Holdings Inc. is 100% of which The Dow Chemical Company owns 63% and Dow Global Technologies Inc. owns 37%.

(36)
The Dow Chemical Company effective ownership of Dow Investment Argentina S.A. is 100% of which The Dow Chemical Company owns 97.1% and Essex Specialty Products LLC owns 2.9%.

(37)
The Dow Chemical Company effective ownership of Dow AgroSciences India Pvt. Ltd. is 100% of which Dow AgroSciences Agricultural Products Limited owns 99.99% and DAS Agricultural Investment Holding Company Ltd. owns 0.01%.

(38)
The Dow Chemical Company effective ownership of PBBPolisur S.A. is 100% of which Dow Investment Argentina S.A. owns 72% and The Dow Chemical Company owns 28%.

(39)
The Dow Chemical Company effective ownership of Dow Deutschland GmbH & Co OHG is 100% of which Dow Automotive (Deutschland) GmbH owns 35%, SAFECHEM Europe GmbH owns 35% and ANGUS Chemie GmbH owns 30%.

(40)
The Dow Chemical Company effective ownership of DML Holding Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.

(41)
The Dow Chemical Company effective ownership of GWN Holding, Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.

(42)
The Dow Chemical Company effective ownership of Dow AgroSciences Bolivia S. A. is 100% of which Dow AgroSciences B.V. owns 99%; Dow AgroSciences Argentina S.A. owns 0.05% and Dow AgroSciences Paraguay S.A. owns 0.05%.

(43)
The Dow Chemical Company effective ownership of Dow AgroSciences Paraguay S. A. is 100% of which Dow AgroSciences B.V. owns 99.99% and Dow AgroSciences Argentina S.A. owns 0.01%.

(44)
The Dow Chemical Company effective ownership of Dow Chemical Korea Limited is 100% of which The Dow Chemical Company owns 85.82%, and Dow Europe Holding B.V. owns 14.18%.

(45)
The Dow Chemical Company effective ownership of Dow Saudi Arabia Company is 100% of which Dow Europe Holding B.V. owns 85%, and Dow Interbranch B.V. owns 15%.

(46)
The Dow Chemical Company effective ownership of Dow Wolff Cellulosics GmbH & Co. OHG is 100% of which ANGUS Chemie GmbH owns 50% and SAFECHEM Europe GmbH owns 50%. Dow Europe Holding B.V. acts as general partner with 0% capital participation.

(47)
The Dow Chemical Company effective ownership of Dow Technologiy Investment LLC is 100% of which Dow Global Technologies Inc. owns 50% and Union Carbide Chemicals & Plastics Technology Corporation owns 50%.

(48)
The Dow Chemical Company effective ownership of DC Spectrum Holding C.V. is 100% of which Dow International Holdings Company owns 99.999% and Dow Netherlands Holdings LLC owns 0.001%.

(49)
The Dow Chemical Company effective ownership of Cooperatieve DC Prisma Holding U.A. is 100% of which DC Spectrum Holding C.V. owns 99.999% and Dow Netherlands Investments LLC owns 0.001%.

(50)
The Dow Chemical Company effective ownership of DC Galaxy Holding C.V. is 100% of which Dow International Holdings S.A. owns 99.928% and Dow Dutch Holding B.V. owns 0.072%.

220



QuickLinks