Dow Chemical Co. has acquired full ownership of Univation Technologies, LLC, a supplier of catalysts for polyethylene (PE) production. The business was previously a 50/50 joint venture with ExxonMobil Chemical Co.

The deal, which was first announced in October 2014, enables Dow to streamline its joint venture portfolio and is in line with its strategy of investing in businesses with strong competitive positions in attractive markets, the company said on Wednesday.

Univation is the licensor of UNIPOL PE Process Technology and develops, manufactures and sells PE catalysts for the UNIPOL PE Process. Dow said that the company will continue to license its UNIPOL PE Process Technology, including swing capability for linear low density polyethylene and high density polyethylene. It will also continue to develop and supply all catalysts, including UCAT Conventional, ACCLAIM Advanced Unimodal, XCAT Metallocene and PRODIGY Bimodal Catalysts.

Univation will now operate as a wholly-owned subsidiary of Dow, aligned to its Performance Plastics operating segment. Led by Steve Stanley as president, it will continue to be based in Houston, Texas.

"Dow is continually evaluating opportunities to enhance the value created through our joint ventures, including preferentially investing in select, high-growth businesses that grow our participation in targeted end-markets," commented Dow's vice chairman of business operations, James Fitterling. "Univation Technologies will add significant value to Dow's plastics portfolio, as the leading technology licensor to the worldwide PE industry."