Dow CEO Liveris to Join Commerce Secretary Ross Trade Mission to China to Promote Mutually Beneficial Commercial Cooperation
During trade mission, Dow and Mobike commit to long-term strategic partnership to deliver Dow’s innovative products and solutions to Mobike products
BEIJING - November 08, 2017 - Andrew Liveris, executive chairman of DowDuPont (NYSE: DWDP), and chairman and CEO of The Dow Chemical Company, will join President Donald J. Trump, Secretary of Commerce Wilbur Ross and a host of noted business leaders on a trade mission to China this week. The trade mission will promote commercial successes while seeking to reduce the U.S. trade deficit with China through increasing exports of high-value U.S. goods and services to China and by improving access for U.S. manufacturers to China’s growing markets.
“Secretary Ross and the entire Trump Administration understand that it is in everyone’s interest to promote constructive engagement between China and the U.S. that focuses on removing the barriers to fair and reciprocal market access and ensuring that companies are competing on fair commercial terms,” said Liveris. “The U.S. and China have obviously grown into important partners in trade and other areas and I am encouraged and thankful for the opportunity to participate in the dialogue between these great countries.”
Dow entered the China market in the 1930s, and currently, China is Dow’s second largest overseas market. Dow also operates 10 business centers, 17 manufacturing sites and has nearly 5,000 employees across China.
“I was lucky to have a front-row seat thirty years ago when late leader Deng Xiaoping opened China to the world. And in the decades since, I have had the privilege of participating as China’s rise has transformed not only China, but the rest of the global economy,” said Liveris, who first traveled to China more than 40 years ago for one of his first jobs at Dow. “The U.S. and China have an unprecedented opportunity to quickly improve on the most critical commercial impediments to enhanced trade – investment restrictions, discriminatory regulatory practices, and inefficient licensing procedures, to name a few. Bilateral solutions to these issues will benefit both countries by creating jobs and economic value on both sides of the Pacific.”
During the trade mission, Liveris and Mobike founder and president Hu Weiwei will sign a memorandum of understanding to develop a suitable business model to deliver Dow’s high-quality products and solutions to Mobike products and projects via a long-term strategic partnership and cooperation on the product and market level. The collaboration seeks to develop lighter-weight and more environmentally-friendly Mobikes that will consistently provide an enhanced riding experience. Dow and Mobike are working closely to develop materials for Mobike’s bicycles which help reduce the weight, enhance durability and maximize the comfort for users. Dow and Mobike are currently working on materials solutions including polyurethane materials for tires, saddle materials, and electric lock seals, as well as other specialty elastomers, adhesives and coatings. The MOU will incentivize new U.S. exports as Dow supplies polyurethane and other products to Mobike’s development of next generation bicycles. Both companies will continue collaboration on developing better technologies and exploring new markets, including Mobike’s recent launch in Washington, D.C.
Mobike, founded in 2015, is the world’s first and largest smart bike-sharing company. Its mission is to bring more bikes to more cities, using its innovative technology to make cycling the most convenient and environmentally-friendly transport choice for urban residents. Mobike has expanded to serve 200 million users, operating over 7 million bikes in more than 180 cities around the world. In June 2017, Mobike received the WWF’s “Climate Solver Sustainable Urban Mobility Special Award” in recognition of the impacts it has made through innovative technology and promotion of sustainable transport. In September 2017, Mobike was named to the Fortune 2017 Change the World list.
Mobike is the world’s first and largest smart bike-sharing company. Using specially designed bikes equipped with GPS and proprietary smart-lock technology, Mobike enables users of its smartphone app to find a bike near them, reserve and unlock it, all using their smartphones. After reaching their destination, the user parks the bike by the roadside and locks it, automatically making the bike available to the next rider. The company officially launched its service in Shanghai in April 2016, and in just over 18 months, has since expanded the service to over 180 cities globally. By making urban cycling more accessible, popular, and smart, Mobike is delivering scaled sustainable mobility solutions for people and cities around the world.
About DowDuPont Materials Science Division
DowDuPont Materials Science, a business division of DowDuPont (NYSE: DWDP), combines science and technology knowledge to develop premier materials science solutions that are essential to human progress. The division has one of the strongest and broadest toolkits in the industry, with robust technology, asset integration, scale and competitive capabilities that enable it to address complex global issues. DowDuPont Materials Science’s market-driven, industry-leading portfolio of advanced materials, industrial intermediates, and plastics businesses deliver a broad range of differentiated technology-based products and solutions for customers in high-growth markets such as packaging, infrastructure, and consumer care. DowDuPont intends to separate the Materials Science division into an independent, publicly traded company.
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