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Aksa Akrilik, a prominent Turkish chemical firm and a subsidiary of Akkok Holding, has agreed to acquire U.S.-based Dow Chemical’s entire 50% stake in their joint venture, DowAksa Advanced Composites Holdings, for $125 million.
The deal, announced on Monday, reflects an enterprise value equivalent to approximately 10 times the projected 2025 operating earnings before interest, taxes, depreciation, and amortization(EBITDA) of the joint venture, after adjusting for debt.
Established in 2012, DowAksa is a 50/50 partnership between Dow and Aksa Akrilik, specializing in advanced composite materials that are essential in industries such as infrastructure, mobility, wind energy, and defense. The transaction, expected to close in the third quarter of 2025 pending regulatory approvals and customary conditions, was advised exclusively by French-based global lender BNP Paribas.
The move is part of Dow Chemical’s broader strategy to streamline operations and strengthen its balance sheet amid global demand challenges, especially in European and Chinese markets. The U.S.-based chemicals giant reported approximately $43 billion in sales for 2024, with a workforce of 36,000 across 30 countries. Despite its global reach, Dow is contending with a tight gross profit margin of 9.56% and has launched a $1 billion cost-cutting initiative targeting completion by 2026. Strategic asset sales, including this joint venture exit, are expected to deliver $2.4 billion in cash proceeds by May 1.
Carbon fiber, which is produced by only eight countries globally, plays a vital role in high-tech sectors such as defense, aviation, wind energy, and lightweight transportation. Aksa Akrilik’s full ownership of DowAksa marks a significant milestone in its transition from acrylic fiber production to global leadership in carbon-based advanced materials, according to the company.
Cengiz Tas, a board member of Akkok Holding and head of its Chemicals and Advanced Materials Group, highlighted the deal’s strategic value: “Owning 100% of DowAksa is a key milestone that elevates Aksa not only in acrylic fiber but also in carbon-based advanced materials globally.”
He added that the acquisition would help reduce Türkiye’s reliance on foreign carbon fiber sources while expanding domestic contributions to the defense sector and offering stronger solutions to global industrial players, especially in wind energy.
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