Dow Corning and Elevance Announce Partnership to Market Naturally Derived Ingredients in Personal Care Applications
MIDLAND, Mich., Sept. 9 -- Dow Corning Corporation and Elevance Renewable Sciences, Inc. are pleased to announce that the two companies have signed joint development and marketing agreements to create and market a unique line of naturally derived ingredients for the personal care market. The companies believe that this line of performance ingredients will rapidly grow to become a major part of the estimated $2 billion to $3 billion natural and organic personal care market, one of the fastest growing segments in the personal care industry.
"Dow Corning has been looking to create alliances with key strategic partners with innovative technology like Elevance to further enhance our position in the personal care market," said Stephen Gosney, Global Beauty Care Industry Director for Dow Corning. "We believe the combination of silicon technology with Elevance's natural-based products provides the market with functional and performance benefits for a wide variety of applications."
The agreements formalize a partnership that launched novel products into the personal care market in the spring of this year. Today's announcement also represents another significant step in Dow Corning's focus to move beyond silicon by providing an expanded line of natural and naturally derived ingredients that offer customers enhanced performance benefits and Elevance's commitment to advancing novel, natural-based products through partnerships with industry leaders.
"Dow Corning's proven understanding of the personal care market, as well as their innovative silicon technology, make this an ideal partnership," said K'Lynne Johnson, CEO of Elevance. "Elevance is very pleased to be entering this rapidly growing market with one of the industry's premier leaders."
The partnership combines Elevance's patented, Nobel Prize-winning metathesis technology -- which has the ability to use multiple renewable feedstocks to create high-performing, environmentally friendly solutions -- and Dow Corning's position as a premier solution provider in silicon-based technology. Together the companies will develop new ingredients that Dow Corning will offer to the personal care market.
The companies have already developed two products:
Dow Corning® HY-3050 Soy Wax, designed for use as a naturally derived structuring agent, and Dow Corning® HY-3051 Soy Wax Blend, a blend of HY-3050 Soy Wax and hydrogenated soybean oil that serves as a naturally derived alternative to petrolatum. Both products are used in skin care, color cosmetics, hair care and underarm products.
These products are currently available for commercial sale in locales around the United States and Latin America and are available for sampling in Canada and Europe. The companies intend to expand commercialization of these products more globally later this year.
About Dow Corning
Dow Corning provides performance enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning's annual sales are outside the United States. For more information, visit www.dowcorning.com.
About Elevance Renewable Sciences, Inc.
Based in Lisle, Ill., Elevance Renewable Sciences, Inc. creates a wide range of specialty chemicals from natural oils. Using a Nobel Prize winning technology called olefin metathesis; the company creates high performance waxes, functional oils, anti-microbials, lubricants, additives and other chemicals. To learn more about the company, visit www.elevance.com.
Source: Dow Corning Corporation
CONTACT:
Jeff Smith,
APCO Worldwide,
+1-202-778-2012,
jsmith@apcoworldwide.com,
for Dow Corning;
or
Dustee Tucker,
Public Strategies, Inc.,
+1-571-242-6650,
dtucker@pstrategies.com,
for Elevance Renewable Sciences, Inc.
Web Site: www.dowcorning.com/
http://www.elevance.com/
