MIDLAND, MI and THE WOODLANDS, TX - Dec. 6, 2007 -The Dow Chemical Company and Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) today announced the leadership team for their proposed styrenics joint venture. The new company, which will be known as Americas Styrenics, will be headquartered in Houston, Texas. Americas Styrenics will be a leading integrated producer of polystyrene, building on the wealth of manufacturing, commercial and technological expertise of its parent companies to create the market leader in the Americas.
Tim Roberts has been named President and Chief Executive Officer of Americas Styrenics. Roberts is currently the Styrenics General Manager for Chevron Phillips Chemical.
Other roles in the Americas Styrenics leadership team include:
Thomas Egolf has been named Chief Financial Officer. Egolf is currently the Finance Director for Dow Technology Licensing.
Scot Mitchell has been named Commercial Vice President. Mitchell is currently the Global Manager of Polystyrene for Chevron Phillips Chemical.
Peter Ott has been named Vice President of Operations. Ott is currently the Vice President of Manufacturing for MEGlobal, a joint venture between Dow and Petrochemical Industries Company of Kuwait.
Randy Pogue has been named the Vice President of Supply Chain, Purchasing and Information Technology. Pogue is currently the Global Supply Chain Manager for Dow's Aromatics and Aromatic Derivatives Businesses.
Doug Chauveaux has been named Vice President of Human Resources and Public Affairs. Chauveaux is currently a Human Resources Business Partner at Chevron Phillips Chemical.
The General Counsel has not been named.
The new company is expected to have approximately 600 employees across the Americas. To form the joint venture, Dow intends to contribute six polystyrene plants (Torrance, California; Gales Ferry, Connecticut; Ironton, Ohio; Joliet, Illinois; Guaruja, Brazil and Cartagena, Colombia). Dow's styrene plant in Camacari, Brazil is no longer in the scope of the joint venture. Chevron Phillips Chemical intends to contribute a styrene monomer plant in St. James, Louisiana and a polystyrene plant in Marietta, Ohio.
Dow and Chevron Phillips Chemical continue to work toward finalizing transaction documents with a goal of commencing joint venture operations during the first quarter of 2008. The companies signed a non-binding Memorandum of Understanding to form the joint venture in April.
About Dow
Dow is a diversified chemical company that harnesses the power of innovation, science and technology to constantly improve what is essential to human progress. The Company offers a broad range of products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $49 billion and employs 43,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
About Chevron Phillips Chemical
With approximately $7 billion in assets and over $12 billion in revenues in 2006, Chevron Phillips Chemical Company LLC with its affiliates is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping and proprietary plastics. The company produces chemicals that are essential to manufacturing over 70,000 consumer and industrial products. Headquartered in The Woodlands, Texas, the company has more than 5,500 employees worldwide. For more information about Chevron Phillips Chemical, go to www.cpchem.com.