Dow (DOW) Agrees to Divest Powder Coatings Business to Akzo Nobel N.V.
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The Dow Chemical Company (NYSE: DOW) announced today that it has signed an agreement to sell its Powder Coatings Business to Akzo Nobel N.V., a leading producer of paints and coatings, based in Amsterdam, The Netherlands. Terms of the transaction were not disclosed.
The transaction is expected to close within the second quarter of 2010, subject to customary closing conditions, including regulatory approvals.
Dow will use the proceeds from the transaction to reduce debt, consistent with Dow's de-leveraging plan.
"The sale of this business further accelerates Dow's de-leveraging plan, and will contribute to Dow's ability to achieve its financial targets ahead of schedule," said Andrew N. Liveris, Dow chairman and chief executive officer. "In addition, this divestiture is part of our ongoing process to sell non-core assets, and we are now on target to yield more than $3.5 billion of gross proceeds from these activities. We will continue our practice of active portfolio management to improve profitability and focus resources on higher growth, higher margin opportunities."
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