Dow has reached a final investment decision (FID) to proceed with its US alkoxylates capacity expansion, its CEO said on Thursday.
“This US Gulf Coast unit is expected to start up by the end of 2021. Furthermore, we recently signed a 10-year supply agreement with a key customer securing the baseload volume for this facility, representing $900m of new revenue over the life of the contract,” said Dow CEO Jim Fitterling, on the company’s Q3 earnings conference call.
The expansion will support Dow customers’ growth in infrastructure, and home and personal care end markets, he noted.
Planned capacity of the unit was not disclosed.
The flexible alkoxylation project was listed among Dow’s growth projects during its pre-spin roadshow in March 2019 with a planned start-up in the first half of 2020.
By Joseph Chang
Source: ICIS News
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
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