MOSCOW (MRC) -- Dow Chemical and Olin Corporation completed their chlor-alkali, chlorinated organics and epoxy asset merger at the beginning of the third quarter and have appointed new executives to the combined company that will operate under the Olin umbrella, said Chemanager.
The two new directors, designated by Dow in connection with the Reverse Morris Trust transaction, are William H. Weideman and Carol A. Williams.
During his 38 years at Dow, Weideman, 61, served in senior financial and management roles across Dow's portfolio of businesses and in his last position was chief financial officer and executive vice president from March 2010 to January 2015. He is also on the board of directors of Sadara Chemical Company, the joint venture with SABIC.
Williams, 57, served as a special advisor to the Dow CEO Andrew Liveris until early 2015. Prior to this, she was the chemical giant’s executive vice president of manufacturing and engineering, supply chain and environmental, health & safety operations. In an earlier position she was vice president for the North American chlor-alkali business.
As MRC informed before, this week, The Dow Chemical Company announced that it had commenced its exchange offer for the split-off of a significant portion of its chlorine value chain. The split-off transaction is the next step in the separation, from Dow, of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses. The exchange offer provides Dow shareholders with the opportunity to exchange their shares of Dow common stock for shares of Blue Cube Spinco Inc. (Splitco) common stock, which will convert into shares of Olin common stock upon completion of the proposed transaction. The exchange is expected to be tax-free to participating Dow shareholders for U.S. federal income tax purposes.
Olin Corporation manufactures chemicals and ammunition products. The Company manufactures and sells chlorine, caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, sodium chlorate, bleach products, and potassium hydroxide. Olin also manufactures products that include sporting ammunition, reloading components, small caliber military ammunition and industrial cartridges.
The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
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