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2006-12-19 News Release
Addition to water soluble polymers business for Dow A group of companies that develops and manufactures a variety of cellulose products to become an integral part the Dow water soluble polymers business.
The Dow Chemical Company and the Bayer Group announces that they have
reached agreement for Dow to acquire Bayer’s Wolff Walsrode business
group, primarily involved in cellulose products. Wolff Walsrode, with
2005 revenues of more than US Dollar 400 million, to become an integral
part of Dow’s Water Soluble Polymers business. “We continue to deliver on our strategy - the acquisition of Wolff Walsrode is another step along our path to maximize long-term shareholder value from investments into advantaged technologies, growing end-use markets and emerging geographies,” said Andrew Liveris, Dow’s chairman and chief executive officer. Bayer announced in March 2006 that it would divest its subsidiaries H.C.
Starck and Wolff Walsrode AG. “I’m pleased that following
the sale of H.C. Starck, we’ve also found a buyer that offers promising
perspectives for the future of Wolff Walsrode,” said Bayer management
board chairman Werner Wenning. “As planned, the proceeds will help
to finance the acquisition of Schering.” “The acquisition will create a US Dollar 1 billion performance business for Dow. We will accelerate growth, ensure long-term supply, and offer a broad portfolio of differentiated solutions by expanding our collective expertise and capabilities,” said Romeo Kreinberg, Dow’s executive vice president for the Performance Plastics and Chemicals portfolio. Dow and Wolff Walsrode are complementary, bringing different products,
processes, applications and expertise to the combined business. “Dow
is a good strategic fit for Wolff Walsrode The new business would combine Wolff’s advanced production technology and proficiency in HEMC (Hydroxyethyl Methyl Cellulose) and CMC (Carboxymethyl Cellulose) chemistry with Dow’s leading HPMC (Hydroxypropyl Methyl Cellulose) product brands and industry expertise. Cellulose derivatives produced by the combined businesses are used across a broad range of industry sectors, including construction materials, personal care, pharmaceuticals, food and a number of specialty applications. For Dow, the agreement underscores the Company’s commitment to
strengthen its Performance businesses portfolio as part of its goal to
dampen earnings cyclicality while driving growth. The transaction is expected
to close in the first half of 2007, subject to regulatory approval. Financial
terms have not been disclosed.
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