The Dow Chemical Co. (DOW), through its unit Dow Europe Holding BV, and Aksa Akrilik Kimya Sanayii A.S., an acrylic fiber company, Friday announced the formation of DowAksa Advanced Composites Holdings BV - a joint venture to manufacture carbon fiber and derivatives.
Aksa and Dow had previously signed a definitive agreement to form the JV on December 20, 2011.
DowAksa will develop and globally market a broad range of products and technical service support in the rapidly expanding carbon-fiber composites industry. The JV will have focus on bringing solutions to market that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets, Dow said.
Very strong and lightweight, carbon-fiber based materials are used in a variety of applications in growth industries, where weight savings, emissions reduction, durability, and energy efficiency are key performance factors. Currently, the carbon fiber composites industry is estimated at USD $10 billion globally and is expected to reach $40 billion by 2022.
Aksa's carbon fiber which is the output behind the R&D's success, has been being produced since 2009 in the Yalova Factory. The JV will expand on existing carbon fiber production assets in Yalova, Turkey, and will capture growth by creating a large-scale, integrated production capability for the manufacture and supply of advanced carbon fiber technologies.
Aksa and Dow each hold a 50 percent stake in the JV, which will finance its growth through cash flow from operations and financial institutions.
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