Dow Acquires Polystyrene Joint Venture Shares from Asahi
The Dow Chemical Company (Dow) and Asahi Kasei Chemicals Corporation (Asahi) announced the conclusion of an agreement for Dow to acquire Asahi's shares in Styron Asia Limited in Hong Kong (SAL HK) and for Dow Financial Holdings Singapore Pte Ltd. to acquire Asahi's shares in SAL Petrochemical (Zhangjiagang) Co., Ltd. in China (SAL ZJG).
Styron Asia Limited is a 50:50 joint venture between Dow and Asahi, with SAL ZJG as the production entity that manufactures STYRON(TM) Polystyrene Resins and STYRON A-TECH(TM) Advanced Technology Polystyrene Resins, and SAL HK as the marketing entity. Dow will acquire Asahi's remaining 50% ownership in SAL HK directly and SAL ZJG indirectly for an undisclosed sum. Dow and Asahi are in the process of applying to the Chinese government for approval to the equity transfer for SAL ZJG, and registering the change of ownership for SAL HK.
SAL HK and SAL ZJG shall be operated in the ordinary course of business to ensure a seamless transition, and every effort will be taken to ensure that ongoing business with SAL HK's and SAL ZJG's customers continues to be smoothly conducted.
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