(BUSINESS WIRE) -- The Dow Chemical Company DOW announced the close of the sale of Dow's global Polypropylene business to Braskem S.A. In addition to the transaction, the two companies will continue to evaluate potential future collaborations on growth opportunities in connection to their strategies.
"The global polypropylene divestiture is another major step in Dow's transformation and a strong example of our disciplined approach to portfolio and business prioritization," said Andrew N. Liveris, Dow Chairman and Chief Executive Officer. "This divestment is in line with our strategy to transform our Performance Plastics business to focus on downstream, technology-differentiated solutions. It also allows us to both reduce debt and liberate capital and resources for Dow's higher growth, higher margin businesses."
The assets involved in the transaction included Dow's polypropylene manufacturing facilities at Schkopau and Wesseling, Germany, and Freeport and Seadrift, Texas. Dow's Polypropylene Licensing & Catalyst business and related catalyst facilities were excluded from the scope of the transaction.