Dow Chemical Confirms Rohm and Haas Acquisition Will Not Close On or Before January 27, 2009
Dow has determined that recent material developments have created unacceptable uncertainties on the funding and economics of the combined enterprise. This assessment is based on several macro-economic factors such as the continued crisis in global financial and credit markets combined with the dramatic and stunning failure of Petrochemicals Industries Company of
“Our long term strategy remains unchanged and the proposed acquisition of Rohm and Haas is consistent with this strategy,” said
“Dow Chemical has a long history of resiliency in responding to changing market conditions, and that resiliency continues,” said Liveris, “but the world has changed significantly and we still do not see the bottom of this unprecedented demand destruction which only accelerated through the fourth quarter and brought December operating rates to historic lows. The Company’s commitment to remain financially strong is part of the DNA of this 112-year old company.”
Dow previously announced a series of wide-ranging actions to address global economic conditions and is accelerating those actions based on continued deteriorating demand. “We are well-prepared to take the appropriate steps to ensure we retain our options and financial flexibility to see our way through what we anticipate will be an extremely challenging year,” said Liveris.
With annual sales of
Note: The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company’s operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
SOURCE The Dow Chemical Company