Dow Reichhold Specialty Latex, a partnership between The Dow Chemical Company and Reichhold, Inc., said Tuesday it will stop business by the end of the year and close all facilities.

Company officials said it will sell certain business assets. The Dow Chemical Company intends to buy back those business assets originally contributed by Dow at the time of constitution of the joint venture, and will service the respective customers directly in the future. The sale is expected to close within 30 days.

Dow Reichhold is also pursuing the sale of certain other business assets originally contributed by Reichhold to the joint venture.

Dow Reichhold will close its headquarters in Research Triangle Park, a manufacturing facility in Cheswold, Delaware, U.S.A.; the company's Asia/Pacific offices in Penang, Malaysia; and a laboratory and office in Shanghai, China.

The company had previously announced the closing of its manufacturing operation in Chickamauga, Ga.

The company employs 203 people worldwide. Fifty-three researchers and administrators work at the RTP facility. They were notified Tuesday of closing. Officials said they may apply for other openings in the company.

Dow Reichhold Specialty Latex was formed in January 2002. The company manufactures and markets synthetic latexes used in adhesives, construction products, textiles and apparel products, synthetic latex gloves and dipped goods, flooring, automobiles, tapes and specialty papers and nonwovens.