Dow Chemical to take full control of Dow Corning venture
Dow Chemical’s busy winter continues, as the company has signed definitive agreements to restructure the ownership of Dow Corning Corp., a 72-year-old joint venture with Corning Inc. that makes silicones used in tires.
Dow Chemical Co., which just announced plans to merge with DuPont Co., said the transaction will increase the company’s product offerings in industries such as construction, consumer care and automobiles.
The deal is expected to be completed in the first half of 2016, and Dow Corning will continue to operate as a separate, active business.
Dow and Dow Corning are both based in Midland, Mich.
In a statement, Dow Chemical CEO Andrew Liveris said that “the addition of a silicones position will expand our product offerings across multiple businesses while driving innovative solutions that will enable us to go deeper into key end markets by leveraging Dow’s existing, strong science and engineering competencies across new chemistries.”
Announced last week, Dow’s merger with DuPont will create a US$130 billion company that will then be divided into three new businesses focused on commodity chemicals, agriculture, and specialty products.