MIDLAND, MI — The Dow Chemical Co. recently made it onto CNBC's list of top 50 innovation companies, along with Amazon.com, Google, Altera, OshKosh, TiVo, SanDisk and others.

The Midland-based chemical giant ranked No. 49. Health care services company McKesson Corp. took the top spot.

See the complete list at cnbc.com.

The ranking evaluates companies based on their ability to increase revenue from research and development, according to a Dow news release.

"Dow is the only chemical company to make CNBC's list. This recognition comes on the heels of a record-breaking year in 2013 with more than 560 new patents granted," the release states.

A.N. Sreeram, Dow corporate vice president of research and development, said the company's "innovation pipeline is diverse and robust."

"Our customers value our partnership and consistently reward us with a seat at the design table, which drives our growth," Sreeram said in a prepared statement. "That's the ultimately the recognition we seek, but it's nice to have this external validation of the return on our research investment."

Dow recently was honored with five products listed on the 2014 R&D 100 List, the most awards given to any individual company, the release states. And Dow's Electronic Materials Business was recognized by ACS with the Heroes of Chemistry Award.

Read more: http://www.mlive.com/business/mid-michigan/index.ssf/2014/08/cnbc_ranks_dow_chemical_among.html