GENEVA, Switzerland (May 26)—DuPont Dow Elastomers L.L.C. will become DuPont Performance Elastomers, a wholly owned DuPont subsidiary, July 1, ending nine years as a joint venture between DuPont and Dow Chemical Co.
Jack Lewis, DuPont Dow's president and CEO, will continue in that role for DuPont Performance Elastomers, DuPont said.
DuPont and Dow disclosed their plan to dissolve the venture in January, with DuPont agreeing to buy out Dow's share for $87 million after Dow exercised its option to buy assets from the venture relating to ethylene and chlorinated elastomers.
The changes relate to an agreement the partners reached in April 2004 after DuPont Dow disclosed it was being investigated for price-fixing related to EPDM. The partners subsequently agreed to assign DuPont the lead responsibility for dealing with the antitrust investigations and price-fixing litigation.
DuPont Dow will retain the Viton fluoroelastomers and FreeFlow, Kalrez perfluoroelastomer parts, neoprene synthetic rubber, Hypalon chlorosulfonated polyethylene and Vertex seal technology businesses.
Dow's Specialty Plastics and Elastomers business unit will manage the Engage polyolefin elastomers, Nordel hydrocarbon rubber and Tyrin chlorinated polyethylene activities.