Dow to Sell Stake in Venture to DuPont
Monday January 3, 9:38 am ET
NEW YORK (Reuters) - Dow Chemical Co. on Monday said DuPont Co. will buy its remaining equity stake in DuPont Dow Elastomers LLC (DDE), a 50/50 joint venture between the two companies, for $87 million.
The company said the sale is the result of Dow exercising its option to buy ethylene and chlorinated elastomer assets from the joint venture, including assets from the Engage, Nordel and Tyrin product lines.
Elastomers are plastics that exhibit rubber-like qualities.
Dow said after the transaction, which it expects to close on June 30, DDE will become a wholly owned subsidiary of DuPont that will include the Neoprene, Hypalon, Kalrez and Vitron businesses.
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