Styron regains ownership of Dow’s 50% stake in the Sumitomo Dow polycarbonate JV

29-Oct-10

Styron has reclaimed a position in Asia by assuming ownership of Dow Chemical Co.’s 50 percent stake in the Sumitomo Dow Ltd. polycarbonate joint venture. Earlier this month, Midland, Mich.-based Dow had sold its half of the LG Dow Polycarbonate Ltd. JV to partner LG Chem Ltd., potentially leaving Styron without a business presence in Asia. Styron formerly was Dow’s styrenic materials unit. It became a private company earlier this year when it was sold to private equity firm Bain Capital for US$1.6 bln. “We are very pleased that Styron is assuming this ownership share and that we can continue to build a successful joint enterprise with our valued partner Sumitomo Chemical,” Styron President and CEO Chris Pappas said in the release. “Styron has a strong commitment to its polycarbonate and compounds & blends businesses, and plans to pursue growth opportunities for these products, particularly in the Asia Pacific.”