Dow Corning Corporation has entered into an agreement to acquire a 49 percent ownership interest in Timminco Limited's silicon metal manufacturing facility in Becancour, Quebec, in a transaction estimated at $39.7 million. The transaction is expected to be completed on or about September 30, 2010.
To complete the transaction, Dow Corning and Timminco will form a joint venture that will consist of the existing silicon metal operations of Becancour Silicon Inc., a wholly owned subsidiary of Timminco. The Becancour site will initially produce 47,000 metric tons of silicon metal, of which Dow Corning will receive 49 percent.
"This acquisition is well aligned with Dow Corning's global strategy of securing an efficient and sustainable supply of this critical raw material used to manufacture all of our silicon-based products," said Robert Hansen, Dow Corning's executive vice president and general manager of Core Products.
Dow Corning, a global leader in silicon-based materials, relies on silicon metal as an essential raw material to manufacture nearly all of its more than 7,000 products. Silicon-based materials 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 provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones and 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 and Corning Inc.
