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Dow to spin out some operations into a new firm

July 31/2009
NEW YORK (MarketWatch) -- Dow Chemical Co.  is spinning out certain operations into a new company, Stryon Corp., which could then be sold to help pay down the chemical giant"s debt, said Dow Chairman and Chief Executive Andrew Liveris.

During a post-earnings call with analysts on Thursday, Liveris said the new company would be valued at $1 billion to $2 billion, and would contain Dow"s polycarbonate, ABS/SAN resins, polystyrene, and styrene monomer operations. Styron would have 1,500 workers and 40 plants. The creation of Styron is part of a larger strategy to raise between $23 billion to $26 billion through asset sales to pay off  Dow"s acquisition of Rohm & Haas.

This year, Dow has rung up $4 billion in asset sales to help pay for the transaction, Liveris said. Shares of Dow rose nearly 10% at last check to $22.30.
        

MRC Reference:

Dow Europe in Russia.
January-June 2009

share in overall imports in Russia:

polyethylene - 12 %;
polypropylene – 1%;
polystyrene – 4%.  
 



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