Midland-based Dow Chemical Co. today announced it has acquired Univation Technologies LLC , a technology licensor in Houston, previously a joint venture between Dow and ExxonMobil Chemical Co. Terms of the agreement were not disclosed.
“Univation Technologies will add significant value to Dow’s plastics portfolio, as the leading technology licensor to the worldwide PE industry,” says James Fitterling, Dow’s vice chairman of business operations. Univation will operate as a wholly owned subsidiary of Dow.
In October 2014, Dow and ExxonMobil signed a definitive agreement to restructure the ownership of Univation.
“Dow is continually evaluating opportunities to enhance the value created through our joint ventures, including preferentially investing in select, high-growth businesses that grow our participation in targeted end-markets,” Fitterling says.
In March, Dow announced that it will sell a large portion of its chlorine value chain and merge the new entity with Clayton, Mo.-based Olin, a move that will create annual revenue approaching $7 billion.