Dow Chemical’s wholly-owned subsidiary, Union Carbide, is to sell its 50% interest in UOP to Honeywell for $825 million. Honeywell currently owns the remaining 50% interest in UOP.
UOP has been a joint venture between UCC and Honeywell since August 1988. It is an international supplier and licensor of process technology, catalysts, process plants and consulting services to the petroleum refining, petrochemical and gas processing industries.
The company employs about 3,000 people at its facilities in the
Announcing the sale, Dow Chief Executive Officer, Andrew Liveris, explained that despite the success of the joint venture with Honeywell, UOP is not considered strategic to Dow's future growth.
The transaction, which is subject to regulatory review, is expected to close in the final quarter of 2005.
Poll: Should the UK’s railways be renationalised?
Rail passenger numbers declined from 1.27 million in 1946 to 735,000 in 1994 a fall of 42% over 49 years. In 2019 the last pre-Covid year the number...