Dow announces approval joint venture with Ube

Dow announces approval of joint venture with Ube

7:57 PM, 16th December 2011
Dow announces approval of joint venture with Ube

MIDLAND, US: The Dow Chemical Company announced that its 50-50 joint venture with Ube Industries, Advanced Electrolyte Technologies (AET), has secured all necessary regulatory approvals. The joint venture company will manufacture formulated electrolytes for lithium-ion battery cell manufacturers in the energy storage market.

AET has named its executive leadership team. Toshimitsu Takahashi, president and CEO, Ube America, will hold the title of CEO.

"We are excited to develop this partnership with Ube and add formulated electrolyte technology to enhance Dow's portfolio of lithium-ion battery components," said David Klanecky, senior business director, Dow Energy Materials. "This joint venture is an opportunity to bring together Ube's electrolyte technology with Dow's global supply network and materials science expertise to enhance the performance of lithium-ion batteries."

Dow Chemical has potential upside of 35.7% based on a current price of $25.45 and an average consensus analyst price target of $34.53.

Dow Chemical should find initial resistance at its 50-day moving average (MA) of $26.87 and further resistance at its 200-day MA of $32.17.

In the last five trading sessions, the 50-day MA has climbed 0.86% while the 200-day MA has slid 0.47%.

The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care and construction.

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