Dow Corning Acquires U.S. and Brazilian Silicon Metal Manufacturing Assets From Globe Specialty Metals
Posted on: Thursday, 5 November 2009, 07:45 CST
MIDLAND, Mich., Nov. 5 /PRNewswire-FirstCall/ -- Dow Corning Corporation has acquired two chemical grade silicon manufacturing assets from Globe Specialty Metals, in an acquisition valued at approximately $175 million (USD).
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Dow Corning purchased 100 percent of Globe Metais Industria e Comercio S.A., a silicon metal manufacturer in Para, Brazil, which will immediately begin operating as Dow Corning Metais do Para Ltda.
Dow Corning has also acquired a 49 percent interest in Globe Metallurgical Inc.'s silicon manufacturing operation in Alloy, West Virginia (U.S.A.), WVA Manufacturing LLC. The operation will continue to operate as WVA Manufacturing LLC.
Dow Corning, a global leader in silicone-based materials, relies on chemical grade silicon as an essential raw material to manufacture nearly all of its more than 7,000 products.
"These acquisitions offer Dow Corning an even more efficient and stable supply of silicon metal," said Robert Hansen, Dow Corning's executive vice president and general manager of Core Products. "This is yet another step to position ourselves to better serve our customers' needs."
Silicones 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, 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
Source: PR Newswire
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