Dow and DuPont splitting elastomers joint venture

DuPont and Dow have agreed on a separation of the assets of their 50/50 joint venture DuPont Dow Elastomers LLC (DDE). Dow Chemical Co. (Midland, MI) will exercise its option to acquire certain assets relating to ethylene and chlorinated elastomers, including the Engage, Nordel and Tyrin businesses, from DDE.
The Neoprene, Hypalon, Kalrez and Viton businesses remain part of DDE. DuPont will buy out Dow’s remaining equity interest in DDE for US$87 million, and then make DDE a wholly-owned subsidiary of DuPont (Wilmington, DE).
The transactions are subject to regulatory approvals, and are expected to close on June 30, 2005.