Midland, Mich. - October 01, 2009
The Dow Chemical Company (NYSE: DOW) has completed the divestiture of its interest in Morton International, Inc. to K+S Aktiengesellschaft for $1.675 billion.
Approximately one billion dollars in proceeds from this transaction will be used to pay the outstanding balance of a bridge loan the Company used to partially fund its acquisition of Rohm and Haas Company earlier this year.
The remaining proceeds, as well as proceeds from future non-strategic definitive divestiture agreements already in place, will be used to pay down other debt, in-line with the Company's broader deleveraging plan.
"With this transaction, we have accomplished our objective of fully paying off the bridge loan and eliminating this financing facility," said Andrew N. Liveris, Dow Chairman and Chief Executive Officer. "We accomplished this well ahead of our year-end goal, and we remain ahead of schedule on all other financial milestones related to the Rohm and Haas acquisition."
The Company remains focused on strengthening its balance sheet and delivering ahead of schedule on other stated financial targets.
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