Dow Chemical Co. and Martin Marietta Corp. said Tuesday that they will form a joint venture to market specialty products in the steel, chemical and snow- and ice-removal industries.
The venture, which will employ 430 Dow workers and 650 Martin Marietta workers, will use Dow's magnesium hydroxide and calcium chloride plant at Ludington and Martin Marietta's magnesia chemicals plant in Manistee, its dolomite limestone plant at Woodville, Ohio, and other facilities at River Rouge and at Bridgeport, Conn., the companies said.
Initial sales of the venture likely will exceed $200 million a year, the companies said. They would not reveal how much money each would spend to establish the operation, said Gordon Butte, Dow spokesman.
Each company will own half of the venture, and the transaction is expected to close by June 1 if a final agreement is negotiated, the companies said.
Dow Chemical, based in Midland, makes basic chemicals and plastics as well as specialty chemicals. Martin Marietta, based in Bethesda, Md., makes systems for the aerospace industry and other sectors.