ASSOCIATED PRESS, AUGUST 8, 2006
MIDLAND, Mich. — Dow Chemical Co., the nation’s No. 1 chemical company, on Tuesday said it formed a joint venture with Russian polyurethane specialist Izolan to manufacture products for customers in the former Soviet republic.
Financial terms of the venture were not disclosed.
Called Dow Izolan, the company will make custom-tailored polyurethane systems products at Izolan’s current site in Vladimir, about 120 miles northeast of Moscow. A company spokeswoman said the polyurethane systems would be sold to a broad customer base for use in everything from automobile seat cushions to tennis shoes.
About 100 current Izolan employees will work at the joint venture, which plans to build a new plant in the Vladimir area in the next two years.
Dow Chemical said the joint venture combines its technical expertise with Izolan’s local presence and market experience.
Shares of Dow Chemical rose 30 cents to $36.34 in morning trading on the New York Stock Exchange.