News

UK'S SECOND-LARGEST CHEMICAL COMPANY STRENGTHENS NORTH AMERICAN PRESENCE WITH PURCHASE OF TWO DOW BUSINESSES
HOUSTON, TEXAS (February 6, 2001)

HOUSTON, TEXAS (February 6, 2001) ­­ Following the merger of Dow with Union Carbide, it was announced today that Dow has sold its global Ethanolamines (EOA) and North American GAS/SPECŒ businesses to INEOS plc of the U.K. This sale becomes effective Monday, February 12, 2001.
The agreement with INEOS includes Dow's ethanolamines manufacturing assets in Plaquemine, LA; Dow's global EOA business; its U.S. and Canadian GAS/SPEC” business; and all associated technology.

Formed in 1998, INEOS operates one of Europe's largest EO/Glycol units at its production site in Antwerp, Belgium, where it manufactures, markets, and distributes a range of specialty and intermediate chemicals around the world. "As a major EO/EOD producer, the EOA and GAS/SPEC businesses fit perfectly with our business strategy, and marks our commitment to substantially growing our EOD portfolio," stated Bill Reid, Business Director, INEOS plc. "In addition, this acquisition provides us with top-quality people and assets, adding a global perspective to our business," he added.

Stated Bob Learman, General Manager, INEOS LLC, "With a shared philosophy of customer service first and foremost, we are looking forward to the partnership with INEOS. We will continue to have a very strong presence in North America and feel that our European position will be significantly enhanced as well."

INEOS is the U.K's second largest chemical company, with a group turnover of USD $3 billion and 6,000 employees, operating in 35 facilities worldwide. The company has five divisions focused on the following: ethylene oxide and ethylene oxide derivatives; methacrylate monomers; Lucite/Perspex PMMA and derivatives, chlor-chemicals; Klea hydro-fluorocarbon refrigerants and Crosfield silicas/zeolites.