Dow Chemical has signed an agreement to sell its calcium chloride business to a 'strategic chemical industry buyer', named in the Financial Times as Occidental Petroleum, for around $210m.
The sale of the calcium chloride business will include the calcium chloride assets associated with Dow's Ludington, Michigan operations, Dow-owned calcium chloride terminals as well as its Peladow premium ice-melt, Liquidow calcium chloride solution, Combotherm blended deicer, Briner's Choice calcium chloride, and Dowflake Xtra calcium chloride flake brands.
In addition, the company's Dow Europe and Dow Benelux arms are to sell their interests in Total Raffinaderij Nederland, Dow's joint venture with Total, to Valero Energy for approximately $725m.
Total Raffinaderij Nederland is a crude oil refinery located in the Zeeland region of The Netherlands on the river Scheldt, and has approximately 400 employees.
The divestitures follow other actions by Dow designed to bolster the company's finances after its takeover of Rohm and Haas.
In recent moves, the company announced the $1.7bn sale of Morton Salt, a transaction expected to close in mid-2009, and issued $6bn of new long-term debt and $2.25bn of new equity.
Nanogenerator consumes CO2 to generate electricity
Whoopee, they've solved how to keep a light on but not a lot else.