Posted: Dec 2, 2013 11:06 AM by Russell Jones
Updated: Dec 2, 2013 11:06 AM
PLAQUEMINE - Dow Chemical announced Monday they plan to sell or spin off 40 of their chemical production facilities, including two plants in Plaquemine.
The company said the rest of the plants are located in the U.S., Germany, Italy, South Korea, China, and Brazil. The transaction would affect almost 2,000 employees and will free up $5 billion in revenue for Dow.
The plants represent a "significant portion" of Dow's chlorine production, which CEO Andrew N. Liveris said Dow has already moved on from.
"These businesses have served us well over decades, but are serving markets that Dow has exited over time, and we are therefore right-sizing our upstream integration to match the downstream focus that we started a decade ago," said Andrew N. Liveris, Dow's chairman and chief executive officer. "Separating these business units will allow us to further optimize the way they can be operated; and we believe different owners will be able to extract maximum value from these highly competitive assets and their related markets."
Dow said in its press release they expect to complete the transactions in the next 12 to 24 months.