MIDLAND, Mich. and BECANCOUR, Quebec, Aug.
10/PRNewswire-FirstCall/ -- Dow Corning Corporation has entered
into an agreement to acquire a 49 percent ownership interest in
Timminco Limited's silicon metal manufacturing facility in
Becancour, Quebec, in a
transaction estimated at $39.7
million. The transaction is expected to be completed
on or about September 30, 2010.
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To complete the transaction, Dow Corning and Timminco will form
a joint venture that will consist of the existing silicon metal
operations of Becancour Silicon Inc., a wholly owned subsidiary of
Timminco. The Becancour site will initially produce 47,000
metric tons of silicon metal, of which Dow Corning will receive 49
percent.
"This acquisition is well aligned with Dow Corning's global
strategy of securing an efficient and sustainable supply of this
critical raw material used to manufacture all of our silicon-based
products," said Robert Hansen, Dow
Corning's executive vice president and general manager of Core
Products.
Dow Corning, a global leader in silicon-based materials, relies
on silicon metal as an essential raw material to manufacture nearly
all of its more than 7,000 products. Silicon-based materials
are important building blocks for products in the construction,
personal care, life sciences, energy, automotive and electronics
industries, among others.
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing
solutions to serve the diverse needs of more than 25,000 customers
worldwide. A global leader in silicones and silicon-based
technology and innovation, Dow Corning offers more than 7,000
products and services via the company's Dow Corning® and
XIAMETER® brands. Dow Corning is equally owned by The Dow Chemical
Company (NYSE: DOW) and Corning, Incorporated (NYSE: GLW). More
than half of Dow Corning's annual sales are outside the United States.
SOURCE Dow Corning Corporation
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