Dow Corning Pays $175M For 2 Silicon Assets

MIDLAND, Mich. (AP) -- Dow Corning Corp. said Thursday it bought a Brazilian silicon metal manufacturer plus a half interest in a West Virginia silicon production facility for about $175 million.

Dow Corning, a joint venture of Dow Chemical Co., which has headquarters in Midland, Mich., and Corning Inc., which has headquarters in Corning, N.Y., bought 100 percent of Globe Metais Industria e Comercio SA, which has headquarters in Para, Brazil.

Dow Corning also bought a 49 percent stake in WVA Manufacturing LLC, Globe Metallurgical Inc.'s silicon plant in Alloy, W. Va.

Both assets were acquired from Globe Specialty Metals, a New York City company that retains facilities to produce silicon metal and silicon-based specialty alloys in Ohio, Alabama and New York, as well as Argentina and China.

In midday trading, shares of Dow Chemical rose 60 cents, or 2.5 percent, to $24.27; Corning added 33 cents, or 2.2 percent, to $15.20; and Globe Specialty Metals increased 38 cents, or 4.9 percent, to $8.16.