"The Freeport site has long been an important research and development location for Dow, providing breakthroughs that have paved the way for a more sustainable future," said Andrew N. Liveris, Dow's chairman and CEO, in a news release. "The enhanced capabilities at our new location will continue the tradition of R&D expertise in Texas by delivering leading edge technology."

The new center replaces several of the company's existing R&D facilities in Freeport. Upon completion in 2016, the Texas Innovation Center looks to serve as a global research and development hub of lab and office facilities for more than 2,000 people from Dow R&D, businesses, functions and manufacturing.

"The Texas Innovation Center will provide our world-class researchers and scientists with best-in-class tools and the collaborative space they need so we can continue to enable our customers with the innovations that the market demands," said A.N. Sreeram, Dow corporate VP of R&D. "It is key to maintaining this area as one of Dow's global innovation hubs for research and development."

The Texas Innovation Center will be developed for Dow by Core Real Estate, LLC.

"In the next five years our site will see remarkable growth in manufacturing and the Texas Innovation Center will bolster our R&D operations on a long-term path forward as well," said Earl Shipp, vice president of U.S. Gulf Coast Operations. "This is another example of Dow's commitment to the Brazosport area, Brazoria County and the U.S. Gulf Coast."

The Texas Operations site employs more than 12,000 people and has more than 65 manufacturing plants working together to produce 44 percent of Dow's products sold in the United States and about 21 percent of the Company's products sold globally. It is also home to one of the largest R&D centers in Dow.