The Dow Chemical Company (Midland MI), DowAksa Advanced Composites Holdings B.V. (Istanbul, Turkey), Rusnano (Moscow, Russia), and Holding Company Composite (HCC; Moscow, Russia) have signed a memorandum of intent (MOI) to develop a comprehensive strategy to launch production of carbon fiber intermediates, composite materials, and solutions in Russia.
|Company officials commemorate the carbon fiber deal in Russia.|
The document represents another important milestone in the parties' cooperation, emphasizing the intentions earlier outlined in the 2011 MOU between Dow and Rusnano on potential joint projects in the areas of energy efficiency, infrastructure, lightweight materials, and life sciences, as well as plans by DowAksa and HCC to consider carbon fiber manufacturing in Russia. The 2013 MOI was signed at the World Economic Forum in Davos, Switzerland.
"The signing of the MOI on potential manufacturing of carbon fiber intermediates in Russia marks a significant step forward in Dow's innovation and growth strategy, and strengthens our commitment to addressing the needs of growing emerging geographies such as Russia," stated Andrew N. Liveris, Dow's Chairman and Chief Executive Officer. "Collaborating with the strong local players and leveraging DowAksa capabilities, we will contribute Dow's expertise in composites technology, formulation, and technical service as well as global market knowledge and channels."
"DowAksa which entered the carbon fiber business in 2009 by developing its own technology, is a potential leader in the production of carbon fiber and carbon fiber intermediates, and our engagement with the Russian companies will bring new investments to the Russian market and may enable the local production of high quality composite materials which are extremely valuable for downstream high-tech manufacturing. I believe that this collaboration will place DowAksa and Turkey in Advanced Materials league in which only few countries currently exist," said Mehmet Ali Berkman, Chairman of Aksa Board and Deputy Chairman of DowAksa Board of Directors.