Dow Chemical completes restructuring of Dow Corning unit
Dow expects a minimum of US$400 million in annual cost and growth synergies from the restructured ownership.
The Dow Chemical Company has completed the restructuring of Dow Corning and now owns all of the company’s silicone business.
Dow Corning had previously been equally owned by Dow Chemical and Corning Inc. It had revenue of more than US$4.5 billion in 2015. The companies still maintain equal equity interests in Hemlock Semiconductor Group, a polysilicon producer in which Dow Corning was the majority shareholder.
The unit will be headquartered in Midland, Mich., and Mauro Gregorio will be CEO of the unit. He is also currently a Dow Chemical vice president.
The company says it expects a minimum of US$400 million in annual cost and growth synergies from the restructured ownership.
By linking our two robust innovation engines, we will bring greater value to our shareholders and a wider range of differentiated, high value solutions to our customers,” Andrew Liveris, Dow’s chairman and CEO, said in a statement.