Dow Chemical, Mitsubishi Chemical Form Joint Venture
MIDLAND, Mich. (AP) _ Dow Chemical Co. and Mitsubishi Chemical Industries Ltd. agreed to form a joint venture to make and market urethane chemicals in Japan, the companies said Wednesday.
The value of the venture, MD Kasei K.K., is about $7 million, with each company having half ownership, said Ralph Boeker, a Dow vice president.
The chemicals made and marketed by the venture are used in making automobile and appliances, Boeker said.
The arrangement resulted from Dow’s purchase last year of the polymer chemicals business of the Kalamazoo-based Upjohn Co. Under the agreement, Dow will assume ownership of Upjohn’s share of Kasei Upjohn Co., which was set up as a joint venture between Mitsubishi Chemical and Upjohn.