US Dow/Rohm and Haas to save $485m in 1st year

02 December 2008 19:31  [Source: ICIS news]

HOUSTON (ICIS news)--US giant Dow Chemical expects to achieve $485m (€383m) in annual costing savings by the end of the first year of its $18.8bn acquisition of Rohm and Haas, an executive said on Tuesday.

The $485m in cost savings will make up 60% of the $800m target that Dow announced in July, said Geoffrey Merszei, Dow chief financial officer. Merszei was talking to investors during the 19th annual Citi Chemicals Conference.

Initially, Dow expected to achieve 40% of the $800m cost savings in the first year.

In all, Dow formed 34 teams to work on integrating the two firms, he said. In addition, the company identified about 450 synergy projects.

($1 = €0.79)

For more on Dow or Rohm and Haas visit ICIS company intelligence
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By: Al Greenwood
+1 713 525 2645

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