Dow Reichhold Specialty Latex, a 50/50 joint venture between The Dow Chemical Company 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 Company 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, which employs 203 people worldwide, had previously announced the closing of its manufacturing operation in Chickamauga, GA.