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Dow, Reichhold begin joint operations; Dow acquires Reichhold's paper and carpet latex businesses

January 2, 2002
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Dow and Reichhold have started operations for a specialty latex joint venture.

RESEARCH TRIANGLE PARK, N.C. & MIDLAND, Mich. -- The Dow Chemical Company (NYSE:DOW) and Reichhold, Inc. have started operations for Dow Reichhold Specialty Latex LLC, a specialty latex joint venture.

As part of the transaction, Dow acquired Reichhold's carpet and paper latex businesses, the terms of which were not disclosed.

The joint venture has access to a broad range of latex chemistries from both companies. These products are used in a wide range of end use applications, including latex gloves, textile printing and construction applications. The joint venture employs 400 people and has sales, marketing and research support in North America, Latin America, Europe and the Pacific.

"The formation of Dow Reichhold Specialty Latex LLC will accelerate growth of our combined specialty latex businesses on a global scale," said Ted Cosse, global vice president of Dow's Emulsion Polymers business. "More importantly, the combined products, technologies and global presence of the new company will create a culture and a capability that is better able to meet the unique needs of specialty latex customers around the world."

Yoshi Kawashima, chairman and CEO of Reichhold, said the joint venture will offer its customers a wider portfolio of products and services than previously available by Reichhold (www.reichhold.com).

Dow Reichhold Specialty Latex LLC is headquartered in Research Triangle Park, N.C., and will operate two latex production facilities in Cheswold, Del., and Chickamauga, Ga. Dow Reichhold Specialty Latex LLC also has access to Dow's extensive global manufacturing network. New facilities are already being planned to service fast growing markets segments in the Pacific.

Regarding the acquisition of Reichhold's carpet and paper latex businesses, Cosse added, "Reichhold is a respected leader in the carpet industry and has proven technology for the coated paper industry. Dow's paper and carpet latex businesses will be even stronger as a result of this acquisition."

Dow is a leading science and technology company that provides innovative chemical, plastic and agricultural products and services to many essential consumer markets. For further information about Dow, visit www.dow.com.

Reichhold, with its world headquarters and technology center in Research Triangle Park, is a leading manufacturer of adhesives, coatings, performance resins and polyester resins, for the coatings, textile, construction, transportation, marine and graphic arts markets.

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