Dow Chemical acquires Dow Corning - WNEM TV 5

Dow Chemical acquires Dow Corning

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MIDLAND, MI (WNEM) -

"What we announced today with Dow Corning makes a science and materials powerhouse that is going to be based here. And I think people sometimes underestimate the importance of that in the long term," said Jim Fitterling.  

Jim Fitterling is the chief operating officer for Dow. He said the acquisition of Dow Corning is good for both companies.

"The Dow Corning deal brings the Dow Corning silicons business into Dow. If it closes before the DuPont deal it brings it into Dow. If it closes after the DuPont deal it comes into the material sciences," Fitterling said.

Corning Inc. issued a press release from Wendell P. Weeks, the company’s chairman, president and CEO:

"We believe this strategic realignment will create significant value for our shareholders by further focusing our portfolio and increasing our financial strength."

Another Corning Inc. executive Tony Tripeny said in a press release:

"This exchange unlocks the value of Dow Corning. While we will no longer receive equity earnings or dividends from Dow Corning's silicons business, we are confident that Hemlock and deployment of the new entity's $4.8 billion will create significant value for our shareholders, including EPS accretion."

Fitterling said he is optimistic these moves will pay big dividends for Dow.

"This is a very powerful company with a very promising future," Fitterling said.

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