OMNOVA to Buy Hollow Sphere Plastic Pigment Product Line from Dow
Thursday September 10, 2009, 7:00 am EDT
FAIRLAWN, Ohio and MIDLAND, Mich., Sept. 10 /PRNewswire-FirstCall/ -- OMNOVA Solutions Inc. and The Dow Chemical Company have signed an agreement for the sale of Dow's hollow sphere plastic pigment product line to OMNOVA.
The transaction is necessary to meet U.S. Federal Trade Commission (FTC) required divestitures related to Dow's acquisition of Rohm and Haas Company. The agreement comes ahead of the November 27 FTC deadline.
The selection of OMNOVA as the buyer must be approved by the FTC, and the acquisition is subject to normal closing conditions. The transaction is expected to close in the 4th quarter of 2009. Terms of the transaction are not being disclosed.
About The Dow Chemical Company
Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. In 2008, Dow had annual sales of $57.5 billion and employed approximately 46,000 people worldwide. The Company has 150 manufacturing sites in 35 countries and produces approximately 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and approximately 15,000 employees worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
OMNOVA Solutions Inc. is a technology-based company with 2008 sales of $869 million and a current workforce of 2,415 employees worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses.
Source: PRNewswire / The Dow Chemical Company
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