Dow Completes Divestiture of Morton Salt for $1.675 Billion
Midland, Mich. - The Dow Chemical Company (NYSE: DOW) has completed the divestiture of its interest in Morton International, Inc. to K+S Aktiengesellschaft for $1.675 billion.
Approximately one billion dollars in proceeds from this transaction will be used to pay the outstanding balance of a bridge loan the Company used to partially fund its acquisition of Rohm and Haas Company earlier this year.
The remaining proceeds, as well as proceeds from future non-strategic definitive divestiture agreements already in place, will be used to pay down other debt, in-line with the Company’s broader deleveraging plan.
“With this transaction, we have accomplished our objective of fully paying off the bridge loan and eliminating this financing facility,” said Andrew N. Liveris, Dow Chairman and Chief Executive Officer. “We accomplished this well ahead of our year-end goal, and we remain ahead of schedule on all other financial milestones related to the Rohm and Haas acquisition.”
The Company remains focused on strengthening its balance sheet and delivering ahead of schedule on other stated financial targets.
Dow is a diversified chemical company that combines the power of science and technology with the “Human Element” to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. In 2008, Dow had annual sales of $57.5 billion and employed approximately 46,000 people worldwide. The Company has 150 manufacturing sites in 35 countries and produces approximately 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and approximately 15,000 employees worldwide. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.