Dow Chemical gets permission to sell Morton Salt
Wednesday, September 30, 2009, 10:01am EDT
The Federal Trade Commission has cleared the way for Dow Chemical to sell Morton International Inc., the salt business of its subsidiary Rohm and Haas Co., to K+S Aktiengesellschaft of Germany.
The FTC accepted a consent decree that will allow the two companies to close on the transaction within the next few days.
K+S has already fulfilled the requirements by the FTC to sell its bulk de-icing salt assets in Maine and Connecticut as part of the decree.
Following the acquisition of Morton Salt, K+S will become the largest salt producer in the world. Dow will receive $1.68 billion from the sale and will use the proceeds to pay debt used to partially fund its acquisition of Rohm and Haas. Dow is based in Midland, Mich., and its subsidiary, Rohm and Haas, in Philadelphia.
Source: Philadelphia Business Journal
Engineering News Archive