RESEARCH TRIANGLE PARK, N.C.; MIDLAND, MI. – (November 27, 2001) – The Dow Chemical Co. and Reichhold Inc. announced today that the U.S. Federal Trade Commission (FTC) has terminated the waiting period, allowing the two companies to form Dow Reichhold Specialty Latex LLC, a specialty latex joint venture. As part of this transaction, the FTC also cleared Dow’s acquisition of Reichhold’s carpet and paper latex businesses. Terms of the transactions will not be disclosed.

The joint venture will have access to a broad range of latex chemistries from both companies. These products are used in a wide range of end use applications, including latex gloves, textile printing and construction applications. The joint venture will employ 400 people and have sales, marketing and research support in North America, Latin America, Europe and the Pacific.

Upon completion of the transaction, the joint venture will be headquartered in Research Triangle Park, N.C., and will operate two latex production facilities in Cheswold, Del. and Chickamauga, Ga. The joint venture will also have access to Dow’s extensive global manufacturing network. New facilities are already being planned to service fast growing markets in the Pacific.