Dow expects to report a gain on this divestment and net proceeds will be directed toward the Company’s main priorities of remunerating shareholders, debt reduction and funding growth. The transaction is expected to close by the end of 2013, pending regulatory clearance.
Dow had previously announced its intent to divest this business on March 14, 2013, as part of the Company’s ongoing commitment to proactive portfolio management and plan to divest nearly $1.5 billion in assets by mid to late 2014.
“Today’s announcement is another clear demonstration of Dow’s rigorous focus on selectively shifting our portfolio away from assets that are no longer a strategic fit and optimizing their value,” said Andrew N. Liveris, Dow’s chairman and chief executive officer.
“Our accelerated strategy is focused on narrowing our market participation and preferentially funding our select growth businesses with strong competitive positions in attractive markets such as electronics, water, packaging and agricultural sciences. We are planning further proactive divestments in the next 12 months in our relentless pursuit of rewarding shareholders.”
The divestiture includes Dow’s polypropylene catalysts manufacturing facility at Norco, Louisiana,and customer contracts, licenses, intellectual property and inventory.
Approximately 90 employees globally are expected to transition employment status to W. R Grace & Co. as part of the transaction. Under terms of the purchase agreement, W. R. Grace & Co. will honor customer, licensing and supplier contracts and related agreements. Both companies are committed to working together for a seamless transition for all stakeholders.
Dow combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity.
Textiles | On 20th May 2018
American & Efird (A&E), a global leader in industrial sewing thread...
Textiles | On 20th May 2018
Archroma, a leader in colour and specialty chemicals, has joined...
‘New vendor is welcome if he offers cost, quality and timely delivery’
Fashion industry likely to remain labour-intensive in coming years
Key Textile Accessories Private Limited
Chinese imports are destroying the supply chain
Idealin Fogging Systems has been engaged in designing and manufacturing...
Fynd is the central online shopping destination for fashion, offering...
For.Tex is an Italy-based leading producer of dyes and thickeners, and is...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
From its modest beginning in the late 1960s, Shrujan has grown into a...