Issue Date: May 25, 2009
Dow Sells Businesses In Debt-Cutting Push
Dow Chemical has struck agreements to sell two businesses in order to pay down debt in the wake of its acquisition of Rohm and Haas. Dow is selling its calcium chloride business to what it calls "a strategic chemical industry buyer" for about $210 million. Made in Ludington, Mich., Dow's calcium chloride is used in deicing and dust control applications. And the company has a deal to sell its 45% interest in Total Raffinaderij Nederland, a Dutch refinery, to Valero Energy for about $725 million. Dow earlier agreed to sell Rohm and Haas's Morton Salt business for $1.7 billion. "We are delivering on our commitments ahead of schedule," Dow CEO Andrew N. Liveris says.
- Chemical & Engineering News
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