(FINDLAY, Ohio, December 5, 2014) – Valfilm North America, Inc. (Valfilm) has announced that is has reached an agreement for the purchase of the Dow Chemical Company’s (Dow) polyolefin films plant located in Findlay, Ohio. The acquisition includes both the plant’s physical assets and the majority of intellectual property practiced at the facility. The transaction is dependent on the final approval of all incentives by the State of Ohio. The transfer of ownership could take place late in January, 2015.
Valfilm North America, Inc. is a 38 year old Brazilian company and wholly owned subsidiary of VALGROUP Packaging Solutions. VALGROUP specializes in developing, manufacturing and marketing flexible packaging in polyethylene.
The Findlay plant has produced polyolefin films since 1959.
“Dow Chemical has been a long standing corporate partner in our community,” said Findlay∙Hancock County Economic Development Director, Anthony Iriti. “Ongoing communication with Dow leadership helped bring this acquisition to fruition. Dow saw an opportunity to keep the Dow building in production and we capitalized on that opportunity.”
“This acquisition is the perfect solution to keep a skilled workforce in the Findlay community,” said Ohio Means Jobs Hancock County Administrator, Carolyn Rodenhauser.
Under the terms of the deal, Dow will continue to operate the plant through late January 2015 and Valfilm will take ownership and restart the facility in February 2015. Dow employees at the plant will have an opportunity to seek employment with Valfilm.
“We are delighted that Valfilm chose Ohio for its first U.S. production plant,” said JobsOhio Managing Director Glenn Richardson. “Valfilm’s decision to acquire the Dow facility will not only retain the existing jobs that would have been lost, but will also double employment at the site.”