16 December 2010 14:08 [Source: ICIS news]
TORONTO (ICIS)--Dow Chemical and Mitsui & Co have completed the formation of a joint venture to build an 800,000 tonne/year membrane-based chlor-alkali plant at Dow’s chemicals site in ?xml:namespace>
Dow’s share of the chlorine produced by the 50:50 venture, Dow-Mitsui Chlor-Alkali LLC, would serve the growing feedstock needs of its performance and market-driven businesses with cost-advantaged chlorine supply, it said.
Dow would operate and maintain the new facility, and it would also market the facility’s caustic soda production on behalf of the joint venture, it added.
Dow also said that the joint venture would be led by Todd Prey as chief executive. Prey was previously global business director at Dow Automotive Systems.
"Completing the formation of Dow-Mitsui Chlor-Alkali LLC marks another key milestone in Dow’s strategic transformation and underscores our commitment to the Company’s long-term earnings profile," said Carol Williams, president, Dow Chemicals & Energy Division.
"By enabling our world-class Basic Chemicals franchise to supply downstream performance businesses at lower cost and with less capital, this partnership bolsters our integration strength while liberating capital for investment in businesses that are technology- and customer-driven with higher, more consistent earnings," she added.
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