Dow Sells Interest In Dutch Refinery
September 01, 2009
The Dow Chemical Company has completed the sale of its interests in Total Raffinaderij Nederland N.V. (TRN) to Total S.A. for an enterprise value of approximately $800 million, including inventory.
TRN is a crude oil refinery located in the Zeeland region of The Netherlands on the river Scheldt. The transaction received regulatory approvals last month.
"We are very pleased to announce the completion of this transaction," said Andrew N. Liveris, chairman and chief executive officer. "This is yet another proof point of our commitment to divest non-core assets and deleverage our balance sheet."
Dow’s divestiture of TRN is consistent with the company’s plan to increase its financial flexibility, improve its cash flow, and pay down debt.
Source: Dow Chemical Co.
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