Dow successfully acquires 100% of Dow Coming's Silicones Business

摘要

The Dow Chemical Company announced the successful completion of the transaction to restructure the ownership of Dow Corning. Dow is now 100% owner of Dow Coming's silicones business, which had 2015 revenues of greater than US$4.5 bln and is expected to generate more than US$1 bln of annual EBITDA for Dow at full run-rate synergies. The transaction represents a post-synergy multiple of less than 6x EBITDA, highlighting the unique value creation to Dow shareholders from acquiring 50% of the silicones business while benefiting from 100% of the synergies. Dow Coming's world-leading silicone position brings a complementary new chemistry and technology to Dow, with it being a hand-in-glove, strategic fit for our material sciences portfolio and based on the additional one billion of EBITDA to Dow's bottom line at full run rate synergies, which at $400 million is the minimum we expect to achieve, this transaction is highly accretive for our shareholders.