Date Closed

October 1, 2010

Lead Office

Montréal

Value

40.30 Million USD

On August 10, 2010, Dow Corning Corporation entered into an agreement to acquire a 49 percent ownership interest in Timminco Limited’s silicon metal manufacturing facility in Bécancour, Québec.

On October 1, 2010, Timminco and Dow Corning completed a joint venture transaction regarding the silicon metal production facilities of Timminco’s wholly owned subsidiary, Bécancour Silicon.  Dow Corning acquired a 49% equity interest in Québec Silicon Limited Partnership, the new joint venture entity that owns the silicon metal operations in Bécancour, Québec, in consideration for net cash proceeds of approximately US$40.3 million.

Dow Corning, headquartered in Midland, Michigan, 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.

Timminco, based in Toronto, Ontario, manufactures silicon metals. The Company's products are used for the electronics, chemical, aluminum, and solar industries. It offers chemical grade silicon metal for use in the application of various consumer products, such as sealants, rubber, fluids, lubricants, textiles, and cosmetics; electronics grade silicon metal for use in electronics, including computer chip wafers, semiconductors, solar cells, and fiber optic cables, as well as in pharmaceutical substrates and tires; and aluminum grade silicon metal for use as an alloying agent in aluminum primarily used for automobile components.

McCarthy Tétrault LLP represented Down Corning, as acquiror, with a team led by Clemen Mayrs.