24 April 2008 17:52 [Source: ICIS news]
NEW YORK (ICIS news)--Dow Chemical will continue to develop its “asset-light” strategy as it seeks to put more commodity assets into joint ventures, the company’s chief executive said on Thursday.
“You can expect Dow’s asset-light strategy to keep coming to life in terms of how we become number one in the world in competitiveness,” said chairman and CEO Andrew Liveris during the company’s first-quarter earnings conference call.
The expected close of Dow’s commodity chemicals joint venture with ?xml:namespace>
“Once that joint venture forms, it creates an interesting and potential future home for some of these pseudo-commodities,” Liveris said. “We don’t dismiss that, nor do we dismiss it in the Saudi Aramco [joint venture] opportunity.”
Dow will first seek to close the PIC joint venture and then look to expand its scope, he said.
“The opportunities to do more [in the joint venture] are clearly ‘top of mind’ for both of us,” said Liveris.
In February, Dow announced the creation of a new business unit called Dow Portfolio Optimization, which includes businesses it would seek to sell, restructure or put into joint ventures.
The units include Saran products and specialty films, polycarbonate (PC), compounds and blends, synthetic rubber and specialty copolymers.
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