Dow Announces Polyisocyanurate Asset Reconfiguration
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Midland, MI - October 10, 2007
Driven by a strategy to invest for sustainable growth in the building and construction industry, Dow Building Solutions, a business unit of The Dow Chemical Company, announced today the decision to reconfigure its polyisocyanurate (polyiso) assets in North America.
The reconfiguration positions two sites (Charleston, IL and Pennsauken, NJ) for growth and technology upgrades; and results in the closure of two sites (Texarkana, AR and Tracy, CA). Both facilities produce rigid polyiso foam insulation for general insulation applications, such as residential and commercial walls and roofing.
Low asset utilization, low profitability and the need for significant investment compared to other opportunities were key drivers in the decision to close the two sites.
"Dow is committed to the building and construction industry, and continually evaluates its business portfolio and investment opportunities to enable strategic growth," says Torsten Kraef, vice president of Dow Building Solutions. "This announcement positions two of our North American polyiso facilities for further investment and improvements."
This announcement is the latest in a series of moves Dow Building Solutions has undertaken to reconfigure assets and invest for strategic growth in its portfolio.
"We are preferentially investing in technology and growth opportunities that provide valuable solutions for the building industry," Kraef adds. "The reconfiguration of our polyiso assets enables us to pursue additional projects that deliver value both to our customers and to Dow."
The Tracy facility is expected to run through mid-December, and the Texarkana facility into mid-January. Beyond that timeframe, Dow's focus will be to service customer demand from its two remaining facilities.
About Dow
Dow is a diversified chemical company that harnesses the power of innovation, science and technology to constantly improve what is essential to human progress. The Company offers a broad range of products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $49 billion and employs 43,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
For Editorial Information:
Rebecca Bentley
The Dow Chemical Company
+1 989 638-8568
