AMG Advanced Metallurgical Group N.V.'s ( AMS:AMG) publicly listed affiliate, Timminco Limited (TSE: TIM) announced today that it has agreed to form a joint venture with Dow Corning Corporation at its silicon metal production facilities in Bécancour, Québec.

The press release is quoted as saying:

Dow Corning will acquire a 49% equity interest in a new joint venture entity (the "Joint Venture") that will own the existing silicon metal operations of Timminco's wholly-owned subsidiary, Bécancour Silicon Inc. ("BSI"). In exchange, BSI will receive net cash proceeds of $39.7 million on closing, and up to potentially an additional $10.0 million after closing subject to achieving certain performance objectives relating to production cost and capacity improvements. BSI will retain a 51% equity stake in the Joint Venture.

Click here to access the entire press release ^[1]