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Dow Chemical will sell its AgroFresh business to Boulevard Acquisition, a publicly traded investment company set up by the private equity firm Avenue Capital Group. AgroFresh sells a system that uses 1-methylcyclopropene to keep fruit from spoiling. The $860 million price is nine times AgroFresh’s pretax earnings. When the deal is completed, AgroFresh will become a public company traded on the NASDAQ exchange, and Dow will initially retain a 40% stake. The sale is part of a Dow plan to divest up to $8.5 billion in businesses by mid-2016.
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