(MENAFN- Saudi Press Agency) Dow Chemical is proceeding on a joint venture with a Turkish acrylic-fiber company to manufacture and commercialize carbon fiber and derivatives, the firms said Friday.
Dow and Aksa Akrilik Kimya Anayli initially agreed to form the joint venture DowAksa Advanced Composites Holdings in December. Aksa and Dow each hold a 50 percent stake in the venture. The financial terms were not disclosed.
DowAksa will focus on products that reduce costs in the industrial markets for energy, transportation, and infrastructure. The company said Friday the carbon-fiber composites industry is estimated at $10 billion globally and is expected to reach $40 billion by 2022.
Dow also announced that its subsidiary, plant-biotechnology company Dow AgroSciences, has reached a partnership with The Royal Barenbrug Group to develop and sell advanced germoplasm in forage seeds.
Under the program, Dow AgroSciences will be a minority shareholder in Barenbrug, a plant breeding and grass-seed production company, which then will provide the company access to select germoplasm.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.