Financing: DuPont Teijin Films rebrands as Mylar Specialty Films; Dow completes US$1 bn green bond offering

Mylar Specialty Films, which produces differentiated polyester films, has unveiled its global rebranding initiative highlighted by a change in name from DuPont Teijin Films to Mylar Specialty Films. This change applies to all global operations and offices located in the US, Europe and Asia. The choice of the new company name reflects the heritage of the Mylar brand which was introduced as the world's first biaxially orientated PET film in the 1950’s.

”Proudly building on our 70-years of producing Mylar polyester films, this rebranding is a salute to our history as well as signals our continued commitment to innovation and leadership in the market,” said Steve Gendreau, CEO of Mylar Specialty Films. “Mylar Specialty Films is poised to not only meet the evolving needs of our industry, but to also anticipate them and set industry standards with our commitment to excellence and to our customers worldwide.”

The company ownership remains unchanged being a joint venture between chemical firms Celanese and Teijin, and the company will continue to market the Melinex PET, Hongji PET, and Kaladex PEN range of products in addition to Mylar PET branded films.

The jv operations with FSPG Hi-Tech Co. in China will also be re-branded in the near future but will continue to operate as DuPont Hongji Films until further notice.

In other news, Dow Chemical Company, a wholly owned subsidiary of Dow, has announced the closing of its green bond offering of US$600 million aggregate principal amount of 5.150% notes due 2034 and $650 million aggregate principal amount of 5.600% notes due 2054. It raised over US$1.2 billion to support its decarbonisation and circular economy strategies, including the construction of a new net zero emissions chemical plant in Canada.

The notes represent the company's inaugural green financing instrument, in alignment with Dow's Green Finance Framework published on its website on 25 January 2024.

The Framework was established to support the execution of Dow's sustainability strategy and achieve its targets focused on climate protection and a circular economy. Dow intends to allocate proceeds from this offering toward projects that meet eligibility criteria contained within the Framework, including expenditures and investments related to its Fort Saskatchewan, Alberta Path2Zero project. Additional details on eligibility criteria and use of proceeds are available in the Framework.

"This green bond offering marks a foundational opportunity for investors to participate in Dow's strategy to decarbonise and drive circularity while growing earnings over the cycle," said Jeff Tate, Dow's chief financial officer. "We expect the proceeds of this instrument to primarily support our project to build the world's first net-zero Scope 1 and 2 emissions ethylene and derivates complex in Alberta, which achieved the critical milestone of final investment decision from our Board in November 2023."

In 2020, Dow announced its intention to be carbon neutral for Scopes 1+2+3 plus product benefits by 2050. The commitment included a mid-term target to reduce by 2030 the Company's Scope 1 and 2 net annual carbon emissions by 5 million tonnes versus its 2020 baseline. Achieving this 2030 target represents a total 30% emissions reduction versus Dow's 2005 level.

Additionally in 2022, Dow announced its Transform the Waste strategy – which will enable the development of circular ecosystems by transforming plastic waste and alternative feedstock to commercialise 3 million tonnes/year of circular and renewable solutions by 2030.

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