Dow Corning to Acquire a 49-Percent Stake in Quebec Silicon Metal Manufacturing Facility
PRNewswire reports that Dow Corning Corporation has entered into an agreement to acquire a 49 percent ownership interest in Timminco Limited''s silicon metal manufacturing facility in Becancour, Quebec, in a transaction estimated at $39.7 million. The transaction is expected to be completed around September 30, 2010. To complete the transaction, Dow Corning and Timminco will form a joint venture that will consist of the existing silicon metal operations of Becancour Silicon Inc., a wholly owned subsidiary of Timminco. The Becancour site will initially produce 47,000 metric tons of silicon metal, of which Dow Corning will receive 49 percent.