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Dow Chemical continues sell-off

September 18/2009
September, 18 ( -- Dow chemical has continued its ongoing string of divestitures as part of its broader effort to become a more asset light business, limiting the company"s reliance on raw materials while helping pay down the debt from its acquisition of Rohm & Haas. Dow also recently reported on some of the purchasing-related savings it"s seeing in light of its Rohm & Haas deal.

In August, Dow struck a deal with Petroliam Nasional Berhad (Petronas) under which Dow"s Union Carbide Corporation subsidiary would sell its ownership stake in the Optimal Group of Companies to Petronas for $660 million.

And more recently, Dow agreed to sell an acrylic acid and esters plant as well as the North American unit of its UCAR Emulsion Systems specialty latex business to Arkema for $50 million. The sale was required to comply with Federal Trade Commission requirements following its purchase of Rohm & Haas.

Already this year, Dow has announced the $1.7 billon sale of Morton Salt, expected to close in the second half, sold its calcium chloride business to Occidental Petroleum for $210 million, and signed a deal to sell its stake in Total Raffinaderij Nederland for an expected $725 million, also expected to close in the second half of 2009. Dow also recently announced it was closing three ethylene-related plants in Louisiana to cut costs and focus on specialty chemicals production.       

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