AMG's Timminco unit finalises JV deal with Dow Corning

Oct. 4 - Dutch speciality metals company AMG's Canada-based Timminco unit said Friday it has completed the establishment of a joint venture with US silicons supplier Dow Corning.
As part of the agreement, Dow Corning got a 49% stake in the joint venture, which encompasses the existing silicon metal activities of Timminco's Becancour Silicon Inc (BSI) in Quebec. BSI owns the remaining 51% in the joint venture, which was named Quebec Silicon Limited Partnership.
Besides, BSI received some USD40.3m (EUR29.3m) in net cash proceeds from Dow Corning and could obtain an additional earn-out payment of up to USD10m that will depend on achieving certain performance-related targets, including cost savings and capacity improvements. The joint venture aims at producing 47,000 tonnes of silicon per year.