Dow Looks To Unload $2 Billion In Business

Dow Chemical intends to sell its Angus Chemical, AgroFresh, and sodium borohydride businesses, while acquiring ExxonMobil’s stake in the two firms’ Univation joint venture. Angus is a specialist in nitroalkanes. AgroFresh offers a system using 1-methylcyclopropene that keeps fruit from spoiling. Dow expects to complete the sales by early next year, bringing in proceeds of more than $2 billion. Separately, the company is acquiring ExxonMobil’s 50% stake in Univation, which licenses Dow’s Unipol polyethylene technology and sells catalysts. Terms of the deal weren’t disclosed. Last year, Dow sold its Unipol polypropylene licensing and catalyst technology to W.R. Grace. Dow promises to rationalize other joint ventures that no longer fit its strategy. Finally, the company has completed the sale of its railcar fleet for nearly $450 million. It will lease railcars instead. Dow says it is making progress on the divestiture of its chlorine-related operations. The overall proceeds of its divestiture program, already $1.3 billion, could reach close to $6.0 billion, the company says.