MIDLAND, Mich. (AFX) - Dow Chemical Co. said late Wednesday it will buy a Chinese water treatment company for undisclosed terms.
The Chinese company will mesh with some of Dow's existing units to create Dow Water Solutions, which will focus on water purification, Dow said. The purchase also gives Dow further penetration into certain areas of the Chinese market, which Dow called one of the fastest growing regions for water treatment components.
Zhejiang Omex Environmental Engineering Co. employs more than 500 people and has a new custom-built 20,000 square meter facility.
Dow shares rose 27 cents to $38.02 in morning trading on the New York Stock Exchange, where they have traded between $37.01 and $49.45 in the past 52 weeks.
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