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DOW CHEMICAL TO FORM JOINT VENTURE WITH KOREAN-BASED HANNAM CHEMICAL

 MIDLAND, Mich., Jan. 7 /PRNewswire/ -- The Dow Chemical Company (NYSE: DOW) and Hannam Chemical Corporation of the Miwon Group, with headquarters in Seoul, Korea, today announced that the two companies have entered into a 50/50 joint venture agreement.
 The joint venture, HD Polyurethane Company, will engage in the sale, marketing, and technical service and development of a wide range of polyurethane products in Korea, and will serve customers in the automotive, appliance, construction and furnishing industries.
 Under the arrangement, HD Polyurethane will sell polyether polyols manufactured in Korea by Hannam at its Ulsan plant, and methylene diphenyl diisocyanate (MDI) produced by Dow. In addition, Dow will support the joint venture company with the latest polyurethane application technology.
 "Hannam has been producing and selling polyether polyols since 1987 under a technology license from Dow. The joint venture is a natural progression in our business relationship. The Pacific Area is important to Dow's global polyurethane business, and Korea's market value is expected to rise," said Michael D. Parker, president of Dow Pacific, and soon to be group vice president of the Chemicals & Performance Products and the Hydrocarbons & Energy Businesses.
 Commenting on the agreement, D.R. Lee, president of Hannam Chemical Corporation, said, "We are very excited about this venture. With Hannam's strong customer base and Dow's proven expertise and advanced technology, we are confident that HD Polyurethane will be able to participate effectively in this highly competitive market."
 -0- 1/7/93
 /CONTACT: Doug G. Draper of The Dow Chemical Company, 517-636-2876/
 (DOW)


CO: The Dow Chemical Company; Hannam Chemical Corporation ST: Michigan IN: CHM SU: JVN

SB -- DE002 -- 2484 01/07/93 08:35 EST
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Publication:PR Newswire
Date:Jan 7, 1993
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