DOW REICHHOLD ANNOUNCES SITE CLOSURES, PLANS TO CEASE ALL BUSINESS ACTIVITIES
August 20, 2008
Dow Reichhold Specialty Latex, a 50/50 joint venture between The Dow Chemical Co. and Reichhold Inc., has announced the planned sale of certain business assets, the permanent closure of all facilities, and the intention to cease all business activities before the end of 2008.
The Dow Chemical Co. intends to buy back those business assets originally contributed by Dow at the time of constitution of the joint venture, and will service the respective customers directly in the future. The sale is expected to close within 30 days.
Dow Reichhold is also pursuing the sale of certain other business assets originally contributed by Reichhold to the joint venture.
Dow Reichhold will close its headquarters in Research Triangle Park, NC; a manufacturing facility in Cheswold, DE; the company’s Asia/Pacific offices in Penang, Malaysia; and a laboratory and office in Shanghai, China.
The company had previously announced the closing of its manufacturing operation in Chickamauga, GA.
The company employs 203 people worldwide.
Dow Reichhold Specialty Latex was formed in January of 2002. The company manufactures and markets synthetic latexes used in adhesives, construction products, textiles and apparel products, synthetic latex gloves and dipped goods, flooring, automobiles, tapes, and specialty papers and nonwovens.