Dow and PIC of Kuwait Continue Progress on Proposed $11B Joint Venture

17-Jul-2008

The Dow Chemical Company and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), continue to make progress on their $11 billion proposed 50:50 joint venture. The two companies named James R. Fitterling the chief executive officer of the new global company - K-Dow Petrochemicals (KDP). Dow and PIC also announced the selection of Michigan as the location of the world headquarters for the new joint venture, subject to the approval of state and local incentives and the completion of definitive agreements, customary conditions, regulatory approvals, and transaction close, which is anticipated in late 2008.

Fitterling is currently the business group president for Dow Basic Plastics and a member of the Company's Management Committee and Business Operations Committee. He has held a variety of key leadership positions during his 24-year career with Dow. Fitterling will become CEO when the joint venture begins operations.

The city location for the headquarters is still to be determined; however the venture will be located in southeast Michigan, pending final incentive approvals, which offers convenient international airport access as well as a broad range of educational opportunities and culturally diverse communities. The total number of employees located at the headquarters site is expected to expand up to 800 employees over the next several years.

The venture will manufacture and market polyethylene (PE), ethyleneamines, ethanolamines, polypropylene (PP), and polycarbonate and related licensing and catalyst technologies.

https://www.chemeurope.com/en/news/84867/dow-and-pic-of-kuwait-continue-progress-on-proposed-11b-joint-venture.html