E-DRUG: Dow may build

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Date: Mon, 31 Mar 1997 21:18:23 -0500 (EST)
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Subject: Dow may build

COMPANY NEWS (sm) provided by Dow Jones/News Retrieval
Copyright (c)1997 Dow Jones & Company

3/27/97 Dow Corning May Build $1B S. Korea Silicone Plant >DOW GLW

SEOUL (Dow Jones)--Dow Corning Corp. is considering South Korea as a
possible site for its new $1 billion silicone plant, government officials
said Thursday.
Dow Corning, a silicon-based materials company, is jointly owned by Dow
Chemical Co. (DOW), Midland, Mich., and Corning Inc. (GLW), Corning, N.Y.
Deputy Trade Minister Han Duk-soo expressed South Korea's eagerness to
become the host country for the plant when Douglas Wernicke, head of Dow
Corning's Asian projects, met with him Thursday, ministry officials said.
If built in South Korea, the Dow Corning plant would be the biggest single
foreign investment in the country.
Dow Corning plans to choose among China, Malaysia and South Korea. The
company is expected to announce its choice by mid-1997 and to complete the
plant by 2005, ministry officials said.
China and Malaysia are offering free real estate for the plant, they said.
Dow Corning considers South Korea to have the better work force, but it is
balking at the $210 million bill for a 194-hectare plot for the plant,
ministry officials said.
Government officials said S. Korea may buy the plot and resell it to Dow
Corning at a lower price or rent it free for as much as 20 years. South
Korea is offering a site at its Kunchang Industrial Park, 170 kilometers
south of Seoul. The Dow Corning plant would create 1,500 jobs and boost
South Korean exports by $2.6 billion a year from 2004, the officials said.
The plant will produce various silicone-based products to replace plastic
components in electronics and other industries, they said.
(END) DOW JONES NEWS 03-27-97
  1:48 AM

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