20 May 2009 17:05 [Source: ICIS news]
TORONTO (ICIS news)--Dow Chemical has sold its calcium chloride business and its interest in a refinery in the Netherlands, for over $900m (€657m), which will be used to reduce debt, the US chemicals major said on Wednesday.
The calcium chloride business was sold to an unnamed strategic investor for $210m.
“These asset sales at valuations that result in significant de-leveraging represent another major step in the acceleration of Dow’s divestiture and de-levering plans despite a challenging economic environment,” Dow CEO Andrew Liveris said.
“We are delivering on our commitments ahead of schedule and creating the momentum needed to strengthen our financial position and create a faster path to earnings growth,” he added.
Sales of non-strategic assets announced so far this year were now in excess of $2.6bn, well ahead of its original divestment plan, the company said.
($1 = €0.73)
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