Web Date: February 25, 2008
Dow Earmarks Businesses For Possible Sale
Dow Chemical is shifting several of its businesses into a new business group where they will be evaluated as candidates for joint ventures with other companies or for outright sale.
The new group, called Dow Portfolio Optimization, will include Saran products and films, synthetic rubber, polycarbonate, plastic compounds and blends, and specialty copolymers. Dow says it expects to add other businesses to the portfolio in the future.
The new business is being created at a time of transformation for Dow. Late last year, the company announced plans to sell a 50% share in its petrochemical business to Kuwait's Petrochemical Industries Co. Dow plans to use some or all of the $9.5 billion it will net from this transaction to acquire companies or businesses that are less cyclical than petrochemicals.
Dow Chief Executive Officer Andrew N. Liveris notes that all companies committed to their shareholders actively manage their portfolios. Creating the new business group, he says, "brings this highly important activity squarely into the spotlight."
George J. Biltz, currently head of Dow's specialty plastics and elastomers operations, will head the new business group.
- Chemical & Engineering News
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