Dow Announces Divestiture of Morton Salt
Sale Proceeds Accelerate De-leveraging Plan
“We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time,” said Dow Chairman and CEO,
De-Leveraging Plan Ahead of Schedule
Earlier today, Dow announced that it had completed its acquisition of Rohm and Haas, forming a leading global specialty chemicals and advanced materials company. The transaction values Morton International at
The sale of Morton International is the next step in Dow’s de-leveraging plan. The actions taken by the Company since early January include:
- Re-negotiated and extended the terms of the Rohm and Haas bridge loan.
- Reduced the dividend by 64%, saving approximately
$1.0 billionon an annualized basis.
- Negotiated for more favorable terms in connection with the Rohm and Haas transaction, including
$2.5 billionin preferred stock and exercising an option for $500 millionin common equity from the Haas Family Trusts.
These actions, once completed, and taken together with Dow’s offer to issue
About Dow 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