Shearman & Sterling is advising The Dow Chemical Company, which, through its wholly-owned subsidiary Dow Europe GmbH, has signed a definitive agreement to form a joint venture with Turkey's Aksa Akrilik Kimya Sanayi A.Ş. to manufacture and supply carbon fibre products.

Under the terms of the agreement, Dow and Aksa will each hold a 50% stake in the joint venture. Following initial equity investments from the two companies, the joint venture will finance its growth through cash flow from operations and financial institutions. Total investment in the project, including third party investments, is expected to reach $1 billion in five years and create up to 1,000 employment opportunities.

The Shearman & Sterling team of lawyers in the firm's London office includes Project Development & Finance partner Nick Buckworth, senior associate Dan Feldman, associate Nadia Bardawil and trainee solicitor Amy Watt.