Dow Cornings unveils USD-240m deal to boost Hemlock stakes
Nov 28, 2013 - US silicon-based materials maker Dow Corning said yesterday it would pay USD 240 million (EUR 177m) to boost its shareholding in two polycrystalline silicon joint ventures of the Hemlock Semiconductor Group.
Under a deal with Mitsubishi Materials (TYO:5711), Dow Corning will buy from the Japanese partner the 12.5% it did not own in Hemlock Semiconductor LLC, thus taking full control of the unit. It will also purchase Mitsubishi's 12.5% interest in Hemlock Semiconductor Corp and will thus come out with a stake of 80.5%. In the coming weeks, Dow Corning also intends to buy Mitsuibishi’s 12.5% in Hemlock Semiconductor PTE Ltd, it added.
The buyer, a joint venture of Dow Chemical (NYSE:DOW) and glass group Corning (NYSE:GLW), expects the acquisitions to bring additional earnings and cash flow.
Shin-Etsu Handotai will still own minority stakes in two of the ventures -- Hemlock Semiconductor Corp and Hemlock Semiconductor PTE Ltd.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.