Dow to sell 50% stake in Turkey carbon fiber and derivatives joint venture

LONDON (ICIS)–Dow is exiting a carbon fiber and derivates joint venture (JV) with Turkey’s Aksa Akrilik Kimya Sanayii as it continues to focus on core downstream businesses, it said on Monday.

The US chemicals producer is selling its 50% stake in DowAksa to its JV partner for an expected $125 million.

The sale, which is subject to regulatory approvals and other conditions, is expected to close in the third quarter.

“Dow’s decision to exit the joint venture, which was formed in 2012, is consistent with Dow’s best-owner mindset strategy of focusing on its core, high-value downstream businesses,” the company said in a statement.