- Posted October 06, 2014
- Tweet This | Share on Facebook
Dow Chemical looking to sell three more businesses
MIDLAND, Mich. (AP) - Dow Chemical is looking to sell three more of its businesses for more than $2 billion in proceeds as it continues to try to shed non-core assets.
The specialty chemical company said last Thursday that it wants to divest its Angus Chemical Co., sodium borohydride and AgroFresh businesses. Dow Chemical expects to sell the trio by the end of 2014 and anticipates closing on transactions early next year.
The Midland, Michigan, company said that selling the operations is part of its plan to divest $4.5 billion to $6 billion in non-essential businesses and assets by 2015. It now anticipates being closer to the $6 billion mark.
Dow Chemical Co. also announced that it has completed the sale of a substantial part of its North American rail car fleet for almost $450 million in proceeds. In addition, the company said it is making "solid progress" on the possible sale or spinoff of its U.S. Gulf Coast chlor-alkali and chlor-vinyl, global chlorinated organics and epoxy businesses.
Dow Chemical also signed a deal to restructure the ownership of Univation Technologies LLC, a joint venture equally owned with ExxonMobil Chemical Co. Under the agreement, Univation Technologies will become a Dow Chemical subsidiary.
Dow Chemical said it is taking a look at its other joint ventures and anticipates providing more details on its position in them before the end of the year.
The actions being taken by Dow Chemical don't include the break-off of its petrochemicals unit, which Daniel Loeb's Third Point LLC has pushed for since earlier this year. Dow Chemical has rejected the idea, saying it would reduce the company's value.
Third Point has an approximately 2 percent stake in Dow Chemical, according to FactSet.
Published: Mon, Oct 06, 2014
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- Judge is accused of using racial slur, vulgar terms and ‘libtard’ label for employee offended by his comments
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Colorado Supreme Court considers whether habeas petition can free zoo elephants
- 4th Circuit upholds $1M sanction for law firm that tried to ‘sabotage’ federal court’s authority
- Don’t give money to law schools unless they teach originalism, conservative federal appeals judge says
- Average BigLaw partner compensation increased 26% in 2 years, reaching this high-water mark