20 March 2012 22:51 [Source: ICIS news]
HOUSTON (ICIS)--The US Federal Trade Commission (FTC) has approved Dow Chemical’s application to sell a California chemical plant in Torrance to property acquisition company Hager Pacific Acquisitions, Dow said on Tuesday.
“The sale is required by a 2009 settlement order resolving the FTC's concerns that Dow's acquisition of Rohm & Haas Company would lessen competition in markets for acrylic acid, latex polymers and other products used to make coated paper, paints and coatings and adhesives,” said Dow spokesman Gregory Baldwin.
In 2010, Dow leased the plant site to Arkema and gave Dow a year to find a buyer, according to the Imperial Valley News. Arkema will continue to operate the plant but will lease it from a Hager Pacific subsidiary, the newspaper said.
The divestiture was finalised in January, Dow said. Financial terms of the divestiture were not disclosed.
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