MIDLAND, MI - The Dow Chemical Co. and the Bayer Group have announced Dow’s acquisition of Wolff Walsrode. Dow has taken full ownership of the group of companies. The purchase price of €540 million (approximately $725 million) includes a cash component and the assumption of financial debt and pension commitments.

Dow has combined Wolff with its Water Soluble Polymers business to create a new specialty business unit operating under the name of Dow Wolff Cellulosics. It encompasses all activities and interests of what were previously Wolff Walsrode AG and The Dow Chemical Co.’s Water Soluble Polymers business.

The new Dow Wolff Cellulosics business will also own and operate the Industrial Park Walsrode in Bomlitz, Germany.