Dow Completes Divestiture of Ownership in TRN Refinery for Approximately $800 Million
September 01 2009 - 4:51AM
PR Newswire (US)
MIDLAND, Mich., Sept. 1 /PRNewswire-FirstCall/ -- The Dow Chemical
Company (NYSE:DOW) 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. 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. More information about Dow can be found at
http://www.dow.com/. Note: The statements contained in this
document involve risks and uncertainties that may affect the
Company's operations, markets, products, services, prices and other
factors as discussed in filings with the Securities and Exchange
Commission. These risks and uncertainties include, but are not
limited to, economic, competitive, legal, governmental and
technological factors. Accordingly, there is no assurance that the
Company's expectations will be realized. The Company assumes no
obligation to provide revisions to any forward-looking statements
should circumstances change, except as otherwise required by
securities and other applicable laws. DATASOURCE: The Dow Chemical
Company CONTACT: Bob Plishka of The Dow Chemical Company,
+1-989-638-2288 Web Site: http://www.dow.com/
Copyright