Midland-based Dow Corning Corp. has entered into an agreement to acquire a 49 percent ownership interest in Timminco Limited’s silicon metal manufacturing facility in Bécancour, Quebec, in a transaction valued at $39.7 million.
The transaction is expected to be completed on or about Sept. 30.READ MORE: Jalen Rose Brings COVID Vaccine Clinic To Detroit Academy
To complete the transaction, Dow Corning and Timminco will form a joint venture that will consist of the existing silicon metal operations of Bécancour Silicon Inc., a wholly owned subsidiary of Timminco. The Bécancour 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.READ MORE: Stimulus Check Update: Is A Fourth Relief Payment In Your Future?
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.
A global leader in silicones and silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services to more than 25,000 customers worldwide. Dow Corning is equally owned by Midland-based Dow Chemical Co. and New York-based Corning Inc.MORE NEWS: American Heart Foundation To Host 2021 Detroit Heart Walk On May 15
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