Midland, Michgan – Dow Chemical Co. completed the transaction to restructure the ownership of Dow Corning and gained 100-percent ownership of the company on 1 June.
Dow Corning, said a company press release, will operate as a wholly owned subsidiary of Dow, and will be headquartered with Dow in Midland, Michigan.
In 2015, Dow Corning had revenues of more than $4.5 billion (€4 billion) and is expected to generate more than $1 billion of annual EBITDA for Dow at full run-rate synergies.
Dow vice-chairman and chief financial officer Howard Ungerleider will serve as chairman of Dow Corning in addition to his current responsibilities.
Dow vice-president Mauro Gregorio, who leads the Dow Corning integration team for Dow, will serve as chief executive officer of Dow Corning.
Andy Tometich, a 27-year Dow Corning veteran, has been named business president of the silicones business.
Welcoming Dow Corning to the Dow team, Ungerleider said he expected the new addition would “deliver tremendous growth potential of the combined company".
Dow said that its immediate focus for now will be on seamlessly integrating Dow Corning into its existing operations and capturing full growth and cost synergies.
Leadership from both companies have worked together to define the organisational design for rapid post-close implementation.
Dow Corning, which is a leading silicones and silicon-based technology company, was previously a 73-year 50:50 joint venture between Dow and Corning Inc.
Dow and Corning will maintain their equal proportional equity interests in Hemlock Semiconductor Group, a polysilicon producer in which Dow Corning was the majority shareholder.