Deals
Dow Chemical to Take Full Control of Dow Corning Venture
- Dow gets all of 72-year-old venture, sets merger with DuPont
- Corning gets $4.8 billion, has new entity for semiconductors
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Dow Chemical Co., which plans to merge with DuPont Co., announced another deal Friday: an agreement to take full control of Dow Corning, a 72-year-old joint venture with Corning Inc. that makes silicones used in tires.
For its 50 percent stake in the Dow Corning partnership, Corning said Friday in a statement that it will get $4.8 billion in cash from the venture and form a new entity to hold 40 percent of Hemlock Semiconductor Group, which produces polycrystalline silicon used in the manufacturing of semiconductor and solar devices. Corning’s stock jumped the most in two years as broad equity indexes tumbled.