Midland, Michigan – Dow Chemical Co. has agreed to take full ownership of Dow Corning, currently a joint venture between Dow and glass maker Corning.
In a press release on 11 Dec, Dow said its board of directors approved the transaction which would make the company the 100-percent owner of Dow Corning.
Dow and Corning will maintain their current equity stake in Hemlock Semiconductor Group.
Dow announced that it would extend Dow Corning’s participation in consumer solutions and infrastructure solutions segments by increasing Dow’s product offerings in several end-use applications such as building and construction, consumer care, and automotive.
The transaction is expected to yield more than $1 billion (€912 million) in additional annual earnings, at full run-rate synergies, said Dow.
According to Dow, the transaction is expected to close in the first half of 2016. Dow Corning’s corporate headquarters will remain in Auburn, Michigan.