Tuesday, July 15, 2008
Bridget Beckman, MEDC
(517) 335-4590 firstname.lastname@example.org
$11 billion joint venture to employ hundreds of workers
LANSING- Governor Jennifer M. Granholm, in a press conference with representatives of The Dow Chemical Company, today announced that The Dow Chemical Company of Midland and Petrochemical Industries Company (PIC) of Kuwait will locate the headquarters of their proposed joint venture, K-Dow Petrochemicals, in Michigan, pending final approval of state and local incentives.
"For decades, Dow Chemical Company has been an important part of Michigan's economy by creating jobs and investing in our communities," said Granholm. "K-Dow, which will bring hundreds of jobs to our state, would rank in the top half of the Fortune 500 if it was publicly traded, and the fact that it will be headquartered here is good news for Michigan."
The Dow Chemical Company is one of Michigan's leading corporations as well as being a world leader in the chemical industry with annual sales of $54 billion and 46,000 employees worldwide. Petrochemical Industries Company of Kuwait is part of the Kuwait Petroleum Corporation and is part of the country of Kuwait's strategy to leverage its petroleum industry. The joint venture will manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene, polycarbonate, and related technologies.
"Like Governor Granholm, we are pleased that the headquarters of K-Dow Petrochemicals will be located in the great state of Michigan - home to The Dow Chemical Company for more than 110 years," said Dow Chairman and CEO Andrew N. Liveris. "This affirms that the state of Michigan is willing to work hard to attract new investment and jobs to our state."
Michigancompeted with Louisiana and Texas for this project. The proposed joint venture will be an $11 billion company, employing 800 people in Michigan over the coming years.
"We are thrilled that Dow and PIC have chosen us as the headquarters site for their exciting new venture," Michigan Economic Development Corporation President and CEO James C. Epolito said. "Michigan and Dow have enjoyed an outstanding working relationship for over a century, and we look forward to supporting job-creating projects like this that will diversify and grow Michigan's economy."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the Michigan Economic Development Corporation's initiatives and programs, visit the Web site at www.MichiganBusiness.org.
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