(Plastemart) -- The Dow Chemical Company, through its wholly-owned subsidiary Dow Europe Holding BV, and Aksa Akrilik Kimya Sanayii A.S. (ISE: AKSA), a world-leading acrylic fiber company, today announced the official formation of DowAksa Advanced Composites Holdings BV (DowAksa), a joint venture (JV) to manufacture and commercialize carbon fiber and derivatives.
Aksa and Dow had previously signed a definitive agreement to form the JV on December 20, 2011. Aksa and Dow each hold a 50 percent stake in the JV, which will finance its growth through cash flow from operations and financial institutions.
DowAksa will develop and globally market a broad range of products and technical service support in the rapidly expanding carbon-fiber composites industry. The JV will have a particular focus on bringing solutions to market that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets. Emphasis will be on bringing cost-effective solutions to industrial market applications for energy, transportation, and infrastructure globally.
Dow Chairman and CEO Andrew Liveris said, "The formation of this JV is another demonstration that Dow is advancing its innovation and growth strategy and our commitment to pursue high-value, innovation-rich sectors through strategic partnerships. Together our companies will apply science, world-class manufacturing capabilities and technical expertise for innovative solutions that address pressing global challenges, such as improving the fuel economy of automobiles, and extending the life of roads and buildings."