RTP-based latex maker to shut down
Posted August 19, 2008 6:19 p.m. EDT
Research Triangle Park, N.C. — Dow Reichhold Specialty Latex, a joint venture between Dow Chemical Co. and Reichhold Inc., announced Tuesday that it would cease all business activities before the end of 2008.
The joint venture was formed in January 2002 to make synthetic latexes used in adhesives, construction products, textiles and apparel products, synthetic latex gloves and dipped goods, flooring, automobiles, tapes and specialty papers and nonwovens.
Dow plans to buy back business assets it originally contributed to the joint venture and will service the customers directly in the future, officials said. The sale is expected to close within 30 days.
Dow Reichhold is also pursuing the sale of other business assets originally contributed by Reichhold to the joint venture, officials said.
Dow Reichhold will close its RTP headquarters, a manufacturing plant in Cheswold, Del., and offices in Malaysia and China. The company previously announced the closing of its manufacturing operation in Chickamauga, Ga.
The company employs 203 people worldwide.