Dow, Mitsui complete biopolymers joint venture in Brazil

Dow, Mitsui complete biopolymers joint venture in Brazil

6:10 AM, 16th November 2012
Dow, Mitsui complete biopolymers joint venture in Brazil
Andrew N Liveris, Chairman and Chief Executive Officer, Dow.

MIDLAND, US: The Dow Chemical Company and Mitsui & Co Ltd have secured all necessary governmental regulatory approvals and completed the formation of a previously announced 50:50 joint venture in Brazil, making Mitsui a 50 per cent equity interest partner in Dow’s operation in Santa Vitoria, Minas Gerais, Brazil. The initial scope of the joint venture includes production of sugar cane-derived ethanol for use as a renewable feedstock source, bringing new, biomass-based feedstocks to Dow while diversifying the company’s raw material streams from traditional fossil fuels.

The close of this transaction follows Dow’s 19 July 2012 announcement of plans to form the new joint venture and of the execution of a Memorandum of Understanding (MOU) with Mitsui aimed at providing innovative and sustainable product solutions for global flexible packaging, hygiene and medical applications. This represents the world’s largest biopolymers play and Dow’s largest investment in Brazil.

“The formation of this joint venture marks a historic next step in our drive to bring world-leading technology and sustainable solutions to one of the fastest-growing regions of the world. This move advances Dow’s strategy and demonstrates our unwavering commitment to invest for growth in high-value, innovation-rich sectors through strategic partnerships,” said Andrew N Liveris, Chairman and Chief Executive Officer, Dow.

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