Dow Chemical Company teams up with Befar Group to build chemical plant in China
The Dow Chemical Company (NYSE:DOW) said Tuesday it has agreed to joint venture with Chinese chemical company Befar Group Co. (SHA:601678) to produce a key refrigerant chemical. Financial terms of the agreement were undisclosed.
The two companies said they will build a perchloroethylene (PCE) production plant in Shandong Province, China. PCE is a key feedstock in making non-ozone-depleting refrigerants with industrial and automotive applications. The companies said that the joint venture is designed to increase the local supply of PCE in China amid increasing global demand for the chemical. Ownership of the joint venture will be evenly split between the two companies.
The facility will have an initial capacity of 40 kilotons per year, with the ability to double capacity to 80 kilotons after.
Subject to regulatory approval and other conditions, the companies expect the facility to begin production in 2014.
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