Agribuisiness giant Archer-Daniels-Midland (ADM) has agreed to dissolve its ethanol joint venture with Dow Chemical Co (formerly Union Carbide), at the end of this calendar year. The venture began in 1983 to exploit the possiblities of Dow's "access to and knowledge of the industrial ethanol market with ADM's fermentation ethanol production capabilities". Commenting on the split, however, Dow's solvents and intermediates business director, Pat Gottschalk, admitted: "The JV did not produce an adequate financial return nor create sufficient value for customers."