As it continues work on its separate merger with DuPont, beginning June 1, the Dow Chemical Co. is 100 % owner of Dow Corning’s silicones business. Corning Inc. has left the jointly-owned company, which had 2015 revenues of greater than $4.5 billion and is expected to generate more than $1 billion of annual EBITDA for Dow at full run-rate synergies.
A pioneer, and current day leader in silicones, silicon-based technology and innovation, Dow Corning was previously a 73-year 50:50 joint venture between Dow and Corning Incorporated. 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.
Dow Corning will operate as a wholly owned subsidiary of Dow, and will be headquartered with Dow in Midland, Michigan. 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.
- Dow Chemical Company, Midland, MI, USA
Also of Interest
- Dow 100 % Owner of Dow Corning,
ChemistryViews.org 15 December 2015.
Dow will become the 100 % owner of Dow Corning, currently a 50:50 joint venture between Dow and Corning