Dow Corning assumes 100% ownership of Hemlock
The acquisition enables Dow Corning to generate additional earnings and cash-flow through greater ownership in the companies, which manufacture polysilicon, a key raw material used in the production of semiconductor devices and solar cells.
“Dow Corning founded Hemlock Semiconductor more than 50 years ago with the foresight that polysilicon technology would be a revolutionary material in the electronics and energy industries,” said Robert D. Hansen, Dow Corning’s chairman, CEO and president. “Hemlock Semiconductor is an important and strategic contributor to Dow Corning’s financial performance, with an industry leading team, technology and strategy that have enabled the company to remain strong despite the volatility in the polysilicon industry.”
Dow Corning has also agreed to purchase up to the entirety of Mitsubishi Materials Corporation’s 12.25 percent ownership interest in Hemlock Semiconductor PTE. Ltd. in the coming weeks. Shin-Etsu Handotai Co., Ltd. remains the minority shareholder of Hemlock Semiconductor Corporation and Hemlock Semiconductor PTE. Ltd.
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company’s Dow Corning® and XIAMETER® brands. Dow Corning is equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning’s annual sales are outside the United States.
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (Hemlock Semiconductor) is comprised of several joint venture companies owned in majority by Dow Corning Corporation. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices, and solar cells and modules. Hemlock Semiconductor began its operations in 1961.