Dow to Acquire Celotex Corporation's Rigid Foam Insulation Business
MIDLAND, Mich., July 24 -- The Dow Chemical Company announced today it has agreed to purchase the assets of the Celotex Corporation's rigid foam insulation business. The purchase includes all Celotex brand polyisocyanurate insulation products for residential and commercial markets, as well as other accessory products. The new business will be integrated into Dow's North American Building Materials business. Terms of the agreement were not disclosed.
The purchase also includes five manufacturing facilities located in Charleston, IL; Elizabethtown, KY; Pennsauken, NJ; Texarkana, AR; and Tracy, CA. About 250 Celotex people in manufacturing, sales, technical service and research and development are involved in the transaction. Celotex product brands -- Tuff-R, Super Tuff-R, Sturdy-R and Thermax Insulating Sheathing; HY-Therm Nail Line Roof Insulation; Celo-Vent Insulated Shingle Deck; and Tuff-Wrap Air Infiltration Barrier -- are included in the purchase. The Celotex name will remain with the Celotex Corporation. The closing date for the purchase is expected within a month or so. ``Adding a full line of high performance, polyisocyanurate foam insulation products to our existing line of STYROFOAM* brand insulation extruded polystyrene products allows us to offer homebuilders, architects, specifiers, building owners and consumers a more robust product offering to meet diverse residential and commercial building needs,'' said John Somerville, Commercial Director, North America Building Materials, Fabricated Products, The Dow Chemical Company. ``Celotex brand foam insulation products have many years of proven performance, which is an excellent complement to the more than 54 years of success we've enjoyed with STYROFOAM brand insulation,'' Somerville added. ``Additionally, we have vastly expanded our foam insulation technology with this transaction. We are eager to explore new product applications and enhancements to existing products to deliver even greater value to our customers.'' Dow is a leading science and technology company that provides innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of approximately $30 billion, Dow serves customers in more than 170 countries and a wide range of markets that are vital to human progress, including food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of Sustainable Development, Dow and its approximately 50,000 employees seek to balance economic, environmental and social responsibilities. Celotex Corporation is a manufacturer of building materials for domestic and international commercial and residential markets. The Celotex headquarters is located in Tampa, FL. For further information about Dow Building Materials, visit www.styrofoam.com . For information on Celotex polyisocyanurate foam, visit www.celotex.com
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