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Article: Dow Announces Divestiture of its Powder Coatings Business to Akzo Nobel N.V.
- Article from:
- PR Newswire
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIDLAND, Mich., Nov. 12 /PRNewswire-FirstCall/ -- The Dow Chemical Company announced today that it has signed an agreement to sell its Powder Coatings Business to Akzo Nobel N.V. (AKZA: NA), a leading producer of paints and coatings, based in Amsterdam, The Netherlands. Terms of the transaction were not disclosed.
The transaction is expected to close within the second quarter of 2010, subject to customary closing conditions, including regulatory approvals.
Dow will use the proceeds from the transaction to reduce debt, consistent with Dow's de-leveraging plan.
"The sale of this business further accelerates Dow's de-leveraging plan, and will ...