Dow Chemical (Midland, Michigan / USA; www.dow.com) on 1 June announced that it had successfully assumed full control of its former Dow Corning (Europe: Seneffe / Belgium; www.dowcorning.com) joint venture with Corning (see also Plasteurope.com of 18.05.2016). The US chemicals giant is currently in the midst of merging with DuPont (Wilmington, Delaware / USA; www.dupont.com), and the silicones business is to become part of DowDuPont’s Materials Science unit – which will be spun off as a separate company once the mega-merge has been approved.
Dow CEO Andrew Liveris called the acquisition “a hand-in-glove, strategic fit for our Material Sciences portfolio. The transaction strengthens Dow’s Consumer Solutions and Infrastructure Solutions units, and will offer immediate integration into the company’s monomer and polymer value chains. The US group said it intends to quickly integrate Dow Corning into its existing operations – most likely with a view to the imminent merge with DuPont.
Howard Ungerleider – who was recently tapped as the CFO of the soon-to-be DowDuPont (see Plasteurope.com of 01.06.2016) – will serve as chairman of Dow Corning, while Dow vice president Mauro Gregorio will become the business’ CEO. The Silicones unit will be headed by Andy Tometich.
Release Date: 06/06/2016
