3.07.2006 ET

(CSRwire) MIDLAND, MI - The Dow Chemical Company Foundation has committed $2 million to endow a fund to benefit Penn State's Department of Chemical Engineering--the largest endowed gift made by a corporate partner in the University's history.

Dow's relationship with Penn State has spanned four decades, with over 200 current alumni within Dow's employee ranks. The Dow Chemical Company and Larry Duda Excellence in Chemical Engineering Fund is an unrestricted grant that will support faculty and student research and instructional programs through a variety of activities, including lab equipment purchases, seed funding for new research initiatives and attracting and retaining faculty.

"This financial contribution recognizes the relationship we've developed over the years, and also expresses the confidence we have in a strong future together with Penn State," says Gary Veurink, corporate vice president of Manufacturing and Engineering.

The endowment honors the legacy of Larry Duda, a 35-year chemical engineering professor and former Dow employee who has received some of the highest professional distinctions in engineering.

Dr. William F. Banholzer, corporate vice president and chief technology officer for Dow commented, "Penn State has been selected as one of our Strategic University Partners due to their world-class engineering and materials groups, as well as the University's progressive policy on intellectual property. We look forward to expanding our research collaborations with the University and we hope this grant enables them to continue their tradition of excellence."

Penn State receives annual grants from Dow and its charitable foundation in support of engineering student groups and the Chemical Engineering department. Previous philanthropy to Penn State also includes a faculty chair in chemical engineering, support for an interview room in the MBNA Career Services Center, and research projects in agricultural sciences, chemistry, chemical engineering, earth and mineral sciences, and materials research. Dow is also a member of the Institute for the Study of Business Markets in the Smeal College of Business. The Company's total giving to the University exceeds $5.5 million.

Established in 1979, The Dow Chemical Company Foundation serves Dow's philanthropic needs by providing charitable gifts - primarily in the areas of economic development, environmental stewardship, social support and science education - to eligible non-profit organizations in the communities in which Dow operates.

Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $46 billion and employs 42,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

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