The company said Monday that it expects those deals to happen within
the next one to two years. Almost 2,000 workers will be affected by
the moves. The businesses generate up to $5 billion of total annual
revenue.
The assets include its U.S. Gulf Coast chlor-alkali and chlor-vinyl
facilities in Plaquemine, La., and Freeport, Texas, including Dow's
interest in the Dow Mitsui Chlor-Alkali joint venture in Freeport,
Texas; its global chlorinated organics production plants in
Freeport, Texas; Plaquemine, La. and Stade, Germany; the global
epoxy business, including assets in Freeport, Texas; Roberta, Ga.;
Rheinmuenster, Germany; Pisticci, Italy; Baltringen, Germany; Stade,
Germany; Gumi, South Korea; Zhangjiagang, China and Guaruja, Brazil;
its brine and select assets supporting operations in Freeport,
Texas, and Plaquemine, La. and energy operations in Plaquemine, La.
The businesses "are serving markets Dow has exited over time,"
Chairman and CEO Andrew Liveris said in a statement. "Separating
these business units will allow us to further optimize the way they
can be operated; and we believe different owners will be able to
extract maximum value from these highly competitive assets and their
related markets," he added.
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Dow Chemical, based in Midland, Mich., also said that it will shut
down about 800,000 tons of chlorine and other capacity in Freeport,
Texas. The void will be replaced with supply from new plants that
will come online with the startup of the Dow Mitsui joint venture
early next year.
[Associated
Press]
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