03 January 2012
03 January 2012
The Dow Chemical Company and Aksa Akrilik Kimya Sanayii have signed a definitive agreement to form a joint venture to manufacture and commercialise carbon fibre and derivatives.
According to Dow, the joint venture will develop and globally market a broad range of products and technical service support in the rapidly expanding carbon-fibrebased composites industry.They say that under terms of the agreement, Dow and Aksa will each hold a 50 percent stake in the joint venture. Following initial equity investments from the two companies, the joint venturewill finance its growth through cash flow from operations and financial institutions. Total investment in the project, including third party investments, is expected to reach $1 billion U.S. dollars in five years and create up to 1,000 employment opportunities.
Dow say the joint venturewill expand on Aksa’s existing carbon fibreproduction assets in Yalova, Turkey, and will capture growth by creating a large-scale, integrated production capability for the manufacture and supply of advanced carbon fibretechnologies. The venture is expected to have aparticular focus on bringing solutions to market that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets.
Dow Chairman and CEO Andrew Liverissaid, “This partnership with Aksa is another strong example of how Dow is advancing its innovation and growth strategy, and demonstrates our unwavering commitment to invest in high-value, innovation-rich sectors through strategic partnerships. Together our companies will apply science, world-class manufacturing capabilities and technical expertise to deliver innovative solutions that address some of the world’s most pressing challenges, such as increasing the energy capture of wind turbines, improving the fuel economy of automobiles, and extending the life of roads and buildings.”
Akkök Group of Companies Chief Executive Officer and Aksa Board Chairman Mehmet Ali Berkmansaid, “Making Turkey the second biggest acrylic fibremarket in the world with its leading position in technical fibreand production capacity in acrylic fibre, AKSA has achieved an important position in the international market with the carbon fibre. Carbon fibrecomposites, which will replace metal as the material of the future, have significant importance for fundamental industries in Turkey such as transportation (automobile, high-speed train, vessels, heavy vehicles, etc.), wind energy technologies and construction, particularly for earthquake-resistant buildings. The recognition of carbon fibreand carbon fibrecomposites within the scope of strategically important industries will enable Aksa and Dow to expand their joint investment targets and create significant economic value and employment for Yalova. In addition, this cooperation will contribute to 2023 targets of the Government of Republic of Turkey by creating significant added value and employment in energy efficiency, renewable energy, infrastructure investments and increasing exports.”
Executive Vice-President and Chief Commercial Officer Heinz Hallersaid, “This joint venture will leverage Dow’s expertise in composites technology, formulation, and technical service as well as market knowledge and channels. Upon completion, the joint venture will be the carbon fibrecomposites industry’s only large-scale, full-service, integrated solution provider, serving the emerging needs of the world’s leading industries. With this agreement, we aim to create competitive advantage in the global markets in which carbon fibrecomposites are used.”
Ilker Ayci, President of Turkey’s Investment Support and Promotion Agency, said, “This joint venture represents advancement for Turkey’s industrial and economic diversification into strategically important critical industries aimed at providing value-added solutions to significant and expanding regional and global markets. We are pleased about the formation of an enterprise that will meet the increasing demand for fibrecomposite technology and bring an opportunity for significant impact on the expansion of value-added exports.”
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