(RTTNews) - Dow Chemical Co.
(DOW) on Thursday said it intends to form a 50/50 joint venture with Kuwait Petroleum Corp.'s wholly owned subsidiary, Petrochemical Industries Co., or PIC of the State of Kuwait, to establish a global petrochemicals company.
According to the company, the joint venture would be headquartered in the United States and would manufacture and market polyethylene, ethylenamines, ethanolamines, polypropylene, and polycarbonate. The JV is expected to have pro forma revenues of more than $11 billion and employ more than 5,000 people worldwide.
The deal is anticipated to close in late 2008. To form the new company, Dow would sell to PIC a 50% interest in the business assets included in the transaction.
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