Jun 12 2008
Dow Building Solutions (DBS), a market-facing business unit of The Dow Chemical Company, announced today that it has signed an agreement to acquire Stevens® Roofing Systems and Geomembrane Systems, a business of JPS Industries, Inc. Based in Holyoke, Mass., Stevens® Roofing Systems manufactures reinforced thermoplastic (TPO) commercial roofing systems, an area with significant growth potential that aligns well with Dow's energy efficient building expertise. Pending the transaction close, Dow plans to operate the acquired business as Dow Roofing Systems LLC. Financial terms were not disclosed. Regulatory approval is not required, and the transaction is expected to close within 30 days.
Dow Building Solutions' participation in the commercial construction market centers around creating energy efficient structures, including insulation, weatherization systems and exterior wall systems. Stevens® is an innovator and a recognized leader in TPO single-ply roofing systems for commercial and industrial applications. The planned acquisition adds Stevens®' commercial roofing expertise to Dow's building science know-how, insulation and polymer technology expertise to deliver comprehensive solutions in this rapidly-growing industry segment.
"Dow has more than 60 years of experience working with commercial customers to create energy efficient buildings," said Torsten Kraef, Dow Building Solutions president and general manager. "Obviously, roofing is a critical component to a total energy efficient building solution and our planned acquisition of Stevens® Roofing Systems is a major step toward realizing our goal of providing our customers with an additional option for their overall building design."
As creating energy efficient, comfortable indoor environments becomes an integral part of building design, architects and building owners are selecting materials that contribute to reduced energy costs over a building's lifetime, and offer reliable protection against wind, rain, moisture and other outdoor elements. The energy efficient TPO single-ply roofing system, introduced by Stevens®, is rapidly becoming the preferred roofing system. Its reflective white membrane "cool roof" performance and energy savings appeal to building owners, while contractors appreciate the ease of installation. The quality of the Stevens®' offering and its reputation for outstanding roofing design, systems, service and warranties were crucial factors in Dow's decision to acquire Stevens®.
"Our primary focus will be to ensure a seamless transition for Stevens® Roofing customers and employees," Kraef emphasizes.
Dow Building Solutions has realigned its portfolio to enable the business to build upon its leadership position by growing in key markets and achieving consistent earnings across economic troughs. "Our investment in the commercial roofing segment supports our strategy to target markets where we can realize consistent growth and deliver unique, technology-rich solutions to our customers," noted Kraef. "We believe that increasing our participation in the commercial roofing segment fits perfectly with this strategy and will deliver greater value to Dow and our customers over the long term."
Dow Building Solutions currently manufactures and markets rigid roofing insulation and adhesives and recently announced its participation in a U.S. Department of Energy Solar America Initiative (SAI) project to help create innovative building integrated photovoltaic (BIPV) products. As a part of its SAI program, DBS is creating a flexible solar roof shingle. As a leader in creating energy efficient building solutions for more than 60 years, the business plays an important role in helping Dow to achieve its 2015 Sustainability Goals.