Dow Corning takes 49% stake in Canadian silicon venture

01 October 2010 20:19  [Source: ICIS news]

TORONTO (ICIS)--Timminco, a Canadian producer of silicon metal for the chemicals industry, has finalised the formation of a silicon metal joint venture with Dow Corning, it said on Friday.

In a $40m (€29m) deal, US silicones major Dow Corning had taken a 49% stake in Quebec Silicon Limited Partnership, a newly-formed entity that owns silicon metal production operations at Becancour in Canada's Quebec province, Timminco said.

The remaining 51% would be held by Timminco subsidiary Becancour Silicon, it said.

Dow Corning would also provide a $10m revolving credit facility to the joint venture to help fund working capital requirements, Timminco said.

Quebec Silicon would be managed by Becancour Silicon’s staff under Rene Boisvert as CEO, it added.

Dow Corning, for its part, is a joint venture between Dow Chemical and US-based glass maker Corning.

($1 = €0.73)

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