Dow Announces Sale of ANGUS Chemical Co.
HOUSTON - The Dow Chemical Co. (Dow) has signed a definitive agreement to sell ANGUS Chemical Co. (ANGUS) to Golden Gate Capital for $1.215 billion. The transaction is expected to close during the first quarter of 2015, subject to completion of customary regulatory filings.
Dow had previously announced its intent to divest this business on October 2, 2014. The divestiture aligns to Dow’s efforts to achieve its identified target of $4.5 billion to $6 billion in proceeds from shedding non-strategic assets and businesses by year-end 2015. To date, Dow has achieved $2.5 billion in proceeds designed to remunerate shareholders, reduce debt and fund growth.
The divestiture of ANGUS includes the business headquarters and R&D facility in Buffalo Grove, IL; manufacturing facilities located in Sterlington, LA, and Ibbenbueren, Germany; a packaging facility in Niagara Falls, NY; as well as the associated business, inventory, customer contracts, process technology, business know-how and certain intellectual property.
Approximately 290 employee positions globally are expected to transition employment status as ANGUS moves to being owned by Golden Gate Capital. Under terms of the purchase agreement, ANGUS will continue to honor customer, licensing and supplier contracts and related agreements.