Dow Chemical Sells Morton International

2009-04-02 | 10:42

Completes Rohm and Haas acquisition.

Rohm and Haas, a wholly owned subsidiary of The Dow Chemical Company, has entered into a definitive agreement to sell the stock of Morton International, Inc., the salt business of Rohm and Haas, to K+S AG.K+S is one of the world's leading suppliers of specialty and standard fertilizers, plant care and salt products.

"We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time," said Dow Chairman and CEO, Andrew N. Liveris."This sale puts us ahead of schedule on our de-leveraging plan post the close of the Rohm and Haas acquisition.It is the first of many steps designed to deliver on our clear and measurable plan to build value for our shareholders."

Earlier, Dow completed its acquisition of Rohm and Haas, forming a leading global specialty chemicals and advanced materials company.The transaction values Morton International at $1.675 billion.Proceeds are subject to customary post-closing adjustments.The Morton Salt divestiture is not subject to a financing condition.The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in mid-2009.

The sale of Morton International is the next step in Dow's de-leveraging plan.

More info: www.dow.com