Dow Inc. is teaming up with Macquarie Asset Management to create an industrial infrastructure specialist company to service five of the petrochemical giant’s manufacturing sites on the Gulf Coast.
The new partnership, Diamond Infrastructure Solutions, would include 40% equity stakes in Dow’s power/steam production, pipelines, environmental operations and general site infrastructure. Diamond would service Texas manufacturing sites in Freeport, Seadrift and Texas City, as well as Louisiana facilities in Plaquemine and St. Charles.
The partnership “demonstrates Dow’s ongoing commitment to value maximizing actions across our portfolio,” CEO Jim Fitterling said. “This transaction further strengthens our financial flexibility and enables continued cash deployment toward the most attractive opportunities that will create long-term value for our stakeholders.”