Home / Knowledge / News / Textiles / Dow finalises sale of interest in Meglobal
Dow finalises sale of interest in Meglobal
28
Dec '15
Dow Chemical said it has finalised the sale of its shareholding in Meglobal to Equate Petrochemical Company and has received $1.5 billion in pre-tax proceeds.

“Dow had previously announced its intent to optimise its ownership in its Kuwaiti joint ventures and the closure of this transaction represents progress toward delivering this commitment,” a Dow press release stated.

“This is a significant step in our Kuwaiti JV consolidation activities with the objective of delivering maximum value to our shareholders,” said Andrew Liveris, Dow's chairman and chief executive officer.

“This transaction enables Dow to maintain our commitment to these long-standing joint ventures, while returning value to our owners,” Liveris added.

Meglobal is a manufacturer and marketer of monoethylene glycol and diethylene glycol (EG), and is headquartered in Dubai, UAE.

Established in July 2004, Meglobal currently markets over 2.5 million metric tons of EG per year globally, which is a used in the manufacture of polyester fibres for textiles, PET resins, etc.

Meglobal is a joint venture between Dow and Petrochemical Industries Company (PIC) of Kuwait and through its ownership interest in Equate; Dow retains a 42.5 percent ownership stake in Meglobal.

Established in 1995, Equate is the operator of an integrated world-scale manufacturing facility producing more than 5 million tons annually of high-quality petrochemical products.

In 2014, Dow had annual sales of more than $58 billion and employed approximately 53,000 people worldwide and its more than 6,000 product families are manufactured at 201 sites in 35 countries. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Last-minute changes in USMCA keeps lid on e-com

Textiles | On 18th Oct 2018

Last-minute changes in USMCA keeps lid on e-com

Eleventh hour changes to a new trade deal torpedoed US hopes of...

Courtesy: Haggar

Apparel/Garments | On 18th Oct 2018

Haggar uses Repreve fibre made of recycled water bottles

Haggar, a US based apparel brand established in 1926, has recycled...

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

Textiles | On 18th Oct 2018

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

The revenue from the petrochemicals segment of Reliance Industries...

Interviews View All

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search