Dow Chemical Co. (DOW) and India-based IT services provider Tata Consultancy Services, said Thursday that the companies plan to expand their business alliance and build a new strategic services center in Michigan which is expected to result in creation of new jobs.
Mumbai, India based-TCS will provide critical business services to Dow chemicals, its subsidiaries and joint ventures by combining the chemical industry knowledge and operational discipline of Dow chemical with the service delivery expertise of TCS.
As part of the alliance expansion, Dow Chemical and TCS plan to build a new strategic services center near Dow's global headquarters in Midland, Michigan which will support the local economy through the creation of new jobs, the company said. The construction for the new facility is expected to commence next year and the first phase of the build-out is designed to accommodate 1,250 employees.
TCS will provide essential operational capabilities, which includes a wide of capabilities from supply chain scheduling and planning, invoicing and data management, to accounts receivable and payables to Dow Chemical.
The expanded partnership is expected to support the strategic centers in Midland and Mumbai; satellite centers in Shanghai, China; service centers in Terneuzen, The Netherlands and Sao Paulo, Brazil and, other sites as needed, the company said. The alliance is expected to leverage the TCS network of locations, including 142 offices in 42 countries.
Commenting on the partenership expansion, Dave Kepler, Dow Executive Vice President of Business Services said, "This strategic partnership will make our already lean and efficient corporate center even more so, by supporting a business services model that delivers world-class capabilities at an estimated 30 percent savings."
"This innovative approach uses a variable staffing model, centralizes activities and maximizes efficiencies to meet evolving business needs," Kepler added.
"The relationship with Dow is extremely strategic for TCS," commenting on the alliance said N. Chandrasekaran, Chief Executive Officer and Managing Director, TCS.
DOW is currently trading at $28.60, up $1.89 or 7.08% on NYSE and TCS closed its Thursday's regular trading session at INR 654.20, up 1.42% or INR 9.15 on Bombay Stock Exchange.
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