French chemicals specialist Arkema (AKE.FR) said Monday that it has entered into an agreement with chemical giant Dow Chemical Co. (DOW) to buy certain acrylates and latex assets in North America.

Under the agreement, Arkema will buy a Clear Lake, Texas, acrylic acid and esters plant and the UCAR Emulsion Systems specialty latex businesses in North America for a fair value consideration of U.S. $50 million, the two companies said in a joint statement.

"The purchase price for these assets represents full value, based on 2009 earnings before interest, tax, depreciation and amortization which is projected to be negative by approximately $20 million," a Dow spokesman said. "Thus, the sale is immediately accretive to Dow shareholders," the spokesman added.

The proceeds from the sale will be used for further de-leveraging, Dow said in the statement.

The sale will enable Dow to meet U.S. Federal Trade Commission required divestments related to its $16.3 billion acquisition of peer Rohm & Haas Co in April.

The selection of Arkema as the buyer must be approved by the FTC, and the two companies will be shortly reviewing the proposed transaction with FTC authorities.

The deal is expected to close in the fourth quarter of 2009.

Company Web site: www.arkema.com

-By Alice Dore, Dow Jones Newswires; +33 1 4017 1740; alice.dore@dowjones.com