Posted on March 5, 2008 at 10:07 AM
Filed under: Corporate Strategy | Divesting and Restructuring | Joint Ventures and Alliances
Tagged: Dow Chemical , Joint venture , petrochemical

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Dow Chemical Co. has finalized its deal with Petrochemical Industries Co., a subsidiary of state-owned Kuwait Petroleum Corp., to form a massive joint venture to manufacture and market a broad range of petrochemicals. As we reported back in December, the U.S.-based venture will employ about 5,000 and have about $11 billion in sales at its inception. In a teleconference with analysts, Dow's chairman and chief executive Andrew Liveris said, "This joint venture, after it closes, day one and beyond, will be the player in the petrochemical field."
 
The JV is part of Dow's effort to realign its global businesses by, among other changes, combining many of its plastics businesses in the newly created Dow Portfolio Optimization group. - Suzanne Stevens




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