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'Continue investing in innovation' - Mr Nair, Dow Corning

10
Dec '08

Recession is a word abhorred by most economists, but it is here to stay and is affecting the lives of billions of people across the globe and also upsetting calculations and projections of most companies in the textile and apparel sector.

The unexpected meltdown resulting from the sub-prime crisis in the US has turned upside down the projections of the best managed companies in the world. It has also taken its toll of those companies who were aspiring to jump to the next level on the back of unprecedented growth of the last few years.

But recession does not differentiate between the big and small companies. The vital raw material supplier industry like chemicals, petrochemicals and fibres are likely to be affected the most since their scale of operations is much larger than that of companies in the downstream sectors.

Fibre2fashion spoke exclusively to Mr Padmadas Nair, a senior official at Dow Corning, the US based chemical multi-national giant in India to get his opinion on the crisis as well as a strategy to tackle the same.

Dow Corning was established in 1943 specifically to explore the potential of silicones. It was created as a joint venture between Corning Glass Works (now Corning, Incorporated) and The Dow Chemical Company.

Today Dow Corning provides performance-enhancing solutions to serve the diverse needs of more than 20,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services.

According to Mr Nair, "It is extremely important for the textile chemical industry to continue investing in innovation even during these challenging times. This is the only way we can continue to bring sustainable solutions which enable our customers to differentiate and create value for their products - and thus successfully navigate during this difficult phase”, he concludes by saying.

Fibre2fashion News Desk - India

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