Dow Corning Corporation has entered into an agreement to acquire a 49 % ownership interest in Timminco Limited’s silicon metal manufacturing facility in Bécancour, Quebec, Canada.
The transaction, estimated at $39.7 million, is expected to be completed on or about September 30, 2010. To complete it, both companies 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 site will initially produce 47,000 metric tons of silicon metal, of which Dow Corning will receive 49 %.
Dow Corning, a global leader in silicon-based materials, relies on silicon metal as an essential raw material to manufacture nearly all of its products. Silicon-based materials are important building blocks for products, e.g., in the construction, personal care, life sciences, energy, automotive and electronics industries.
