Jacques Rogge, President of the IOC, announced the deal alongside Andrew Liveris, chairman and chief executive of Dow.

The Michigan-based Dow will become the official "chemistry company" of the IOC.

Liveris said: "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.

"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."

Dow, the world's second-largest chemical maker, estimates that up to $1 billion (£654 million) in new revenue could be created by its partnership with the Olympic Movement.

Senior officials have claimed that the deal with give them access to more than $150 billion (£98 billion) in new infrastructure projects over the course of the next decade because many of its products are used for Olympic-related infrastructure and equipment. 

Dow join a portfolio of global sponsors tha already includes Coca-Cola, GE, Panasonic, Acer, McDonald’s, Samsung, Atos Origin, Omega and Visa.

Rogge said: "We are delighted to welcome Dow to the TOP Programme.

"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.

"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."

Dow has been associated with the Olympic Movement since it made significant donations of Styrofoam insulation used in ice skating and bobsled runs at the 1980 Lake Placid Games.

Most recently, Dow has been an official supplier of the Winter Olympics in Vancouver earlier this year.

Heinz Haller, Dow's Executive Vice President of Sales and Marketing, said: "Dow businesses produce the building blocks of thousands of products and materials that come together to facilitate the success and the competitions within the Olympic Games.

"The Olympics will provide an important global stage for our products and our brand.

"They will also support Dow’s transformation to a technology-focused, market-driven, customer-centric organisation."

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