COLOMBES, France/MIDLAND, MI - Arkema and The Dow Chemical Co. have entered into an agreement in which Arkema will purchase certain acrylates and latex assets from Dow.
Arkema will buy a Clear Lake, TX, 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 proceeds from the sale are accretive to Dow's shareholders and will be used for further de-leveraging.
The selection of Arkema as the buyer must be approved by the U.S. Federal Trade Commission, and the two companies will be shortly reviewing the proposed transaction with FTC authorities. It is expected to close in the 4th quarter of 2009.