Dow to sell 50% ownership in DowAksa carbon fiber JV

The Dow Chemical Co. (Dow, Midland, Mich., U.S.) announced on June 2 that it has signed a sale and purchase agreement to sell its 50% interest in DowAksa Advanced Composites Holdings B.V. (Gumussuyu/Istanbul, Turkey) to Aksa Akrilik Kimya Sanayii A.Ş. (Yalova, Turkey), a company of Akkök Holding. Aksa Aksa Akrilik Kimya Sanayii A.Ş., the other 50% joint venture partner, has agreed to acquire Dow’s 50% interest. 

Dow’s proceeds from the sale are expected to be $125 million, which reflects, after accounting for debt, an enterprise value of approximately 10 times the estimated 2025 operating EBITDA.

Dow’s decision to exit the joint venture, which was formed in 2012, is consistent with the company’s best-owner mindset strategy of focusing on its core, high-value downstream businesses. The proceeds from the transaction will be used to support the company’s balanced capital allocation approach.

The sale is expected to close in Q3 2025, subject to customary regulatory approvals and other closing conditions. BNP Paribas acted as exclusive financial advisor to Dow on this transaction.