Dow Chemical To Sell Angus Chemical For $1.22 Bln

(RTTNews) - Dow Chemical Co. (DOW) Wednesday said it agreed to sell its Angus Chemical Company 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. 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.

"With today's announcement, Dow continues to demonstrate its rigorous focus on selectively shifting our portfolio away from assets that are no longer a strategic fit and optimizing their value," said Andrew Liveris, Dow's chairman and chief executive officer.