Dow Agrees to Sell ETHAFOAM™ Business to Sealed Air

Midland, MI.-The Dow Chemical Company announced today that it has signed an agreement for Sealed Air Corporation to purchase certain assets of Dow’s ETHAFOAM™ performance foam business. The financial terms of the agreement were not disclosed. The completion of the transaction is expected to take place in the fourth quarter of 2007, subject to certain regulatory approvals.

Sealed Air will acquire global rights to certain assets relating to the Dow ETHAFOAM™ polyethylene foam product lines, including a license to process technology, customer contracts, trademarks, and certain production and process equipment. The products include polyethylene based foam products sold under the ETHAFOAM™, ENVISION™, SYNERGY™ and EQUIFOAM™ trademarks. In addition, Sealed Air will acquire the rights to the LAMDEX™ trademark.

“Dow continually evaluates its portfolio, preferentially investing in technology and growth opportunities that offer strategic growth in core markets where we can be a leader over the long-term. The divestiture of our ETHAFOAM assets enables us to pursue additional projects that deliver value both to our customers and to Dow. We are proud that our ETHAFOAM performance foam business has grown to be a highly valued brand in the packaging industry,” said Torsten Kraef, Dow Building Solutions vice president.

“We also believe that, as a leading global innovator and manufacturer of a wide range of packaging and performance-based materials, Sealed Air is in an excellent position to help the business continue its growth and reach its full potential. We are confident that with Sealed Air, the future of the ETHAFOAM business and our customers are in good hands.”

As a part of the transaction, Dow will supply products to Sealed Air for a period of up to 18 months following the close of the transaction from Dow’s manufacturing facilities in Hanging Rock, Ohio, and Drusenheim, France. Following that period Sealed Air will commence manufacturing of the products at its own facilities.

Dow’s ETHAFOAM™performance polyethylene foam is used in a wide variety of applications, such as electronics, military sports, leisure and transportation.