Dow Corning Corp. said Thursday it bought a Brazilian silicon metal manufacturer plus a half interest in a West Virginia silicon production facility for about $175 million.
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Dow Corning, a joint venture of Dow Chemical Co. (NYSE: DOW), which has headquarters in Midland, Mich., and Corning Inc. (NYSE: GLW), which has headquarters in Corning, N.Y., bought 100 percent of Globe Metais Industria e Comercio SA, which has headquarters in Para, Brazil.
Dow Corning also bought a 49 percent stake in WVA Manufacturing LLC, Globe Metallurgical Inc.'s silicon plant in Alloy, W. Va.
Both assets were acquired from Globe Specialty Metals (NYSE: GSM), a New York City company that retains facilities to produce silicon metal and silicon-based specialty alloys in Ohio, Alabama and New York, as well as Argentina and China.
At Thursday’s close, shares of Dow Chemical rose $1.23, or 5.2 percent, to $24.90; Corning added 40 cents, or 2.7 percent, to $15.27; and Globe Specialty Metals increased 66 cents, or 8.5 percent, to $8.44.
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