DURHAM, N.C. (Nov. 28)—Dow Chemical Co. and Reichhold Inc. have been cleared by the U.S. Federal Trade Commission to move ahead with plans to build a specialty latex joint venture, Dow Reichhold Specialty Latex L.L.C. The joint venture is comprised of the specialty latex businesses of Dow Chemical's Emulsion Polymers unit and Reichhold, which is a subsidiary of Tokyo-based Dianippon Ink and Chemicals Inc. The FTC also cleared the way for Midland, Mich.-based Dow Chemical to acquire Reichhold's paper and carpet latex units for an undisclosed amount. Dow Reichhold Specialty Latex will be headquartered in Research Triangle Park in Durham, where Reichhold is based, and employ about 400. The new firm likely will begin production in January.