MOSCOW (MRC) -- Dow Chemical and ExxonMobil Chemical announced an agreement Thursday to restructure the ownership of Univation Technologies, currently a 50/50 joint venture between affiliates of Dow and ExxonMobil, reported Hydrocarbonprocessing.
This transaction will result in Univation Technologies becoming a wholly-owned subsidiary of Dow aligned to its performance plastics operating segment.
"Univation Technologies is a global leader serving a growing, high-margin market," said Cindy Shulman, president of Univation Technologies.
"Univation remains committed to reliably serving our customers and licensees with the world’s leading gas phase polyethylene process technology and associated catalysts and looks forward to being aligned with Dow’s performance plastics franchise," she added.
Univation Technologies is the licensor of UNIPOL PE process technology and the leader in the development, manufacture and sales of PE catalysts for the UNIPOL PE process.
The transaction is expected to close by the end of 2014, pending regulatory approval. Dow and ExxonMobil say they are committed to working closely together to ensure a seamless transition for all stakeholders.
As MRC wrote before, in late 2013, Grace completed the acquisition of the assets of the Polypropylene Licensing and Catalysts business of The Dow Chemical Company for a cash purchase price of USD500 mln. The acquisition includes UNIPOL Polypropylene Process Technology and makes Grace the second largest polypropylene licensor in the world based on installed capacity, advancing Grace's leadership in the broader polyolefin sector.
The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
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