Globe Specialty Metals Inc. has formed a joint venture at its silicon metal facility in Alloy, W.Va., and has sold outright its Brazilian operation to Dow Corning Corp.

Dow Corning paid $175 million for the interests in the two operations.

It has acquired a 100-percent interest in Globe Metais Industria e Comercio SA, a silicon metal manufacturer in Brazil, which will immediately begin operating as Dow Corning Metais do Para Ltda. All customer contracts will be honored, Globe and Dow Corning said.

It also has acquired a 49-percent stake in Globe's silicon manufacturing operation in Alloy, which will continue to operate as WVA Manufacturing LLC. The two companies will split production output proportional to their ownership interests.

Beverly, Ohio-based...