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 the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections