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MIDLAND, Mich. , May 2, 2024 /PRNewswire/ -- Dow (NYSE: DOW) announced today that it has signed an agreement to sell its flexible packaging laminating adhesives business, within Dow's Packaging & Specialty Plastics segment, to Arkema, a leader in specialty materials. Protection/Release Film
This transaction enables the Company to further increase its focus on core, high-value downstream businesses. The proceeds of this transaction will support Dow's capital allocation priorities, including accelerating our growth strategies and delivering long-term shareholder value.
"In line with Dow's best-owner mindset, we are focused on proactively managing our asset portfolio to invest in businesses with competitive positions in attractive markets," said Jim Fitterling , Dow chair and CEO. "Proceeds will help us advance our long-term Decarbonize & Grow and Transform the Waste strategies designed to capture more than $3 billion in annual earnings growth by 2030."
About the Transaction Five manufacturing sites in Italy , the United States and Mexico will transfer to Arkema and include Solvent-Based Laminating Adhesives, Solventless Laminating Adhesives, and Heat Seal Coatings product families.
The transaction value is $150 million or approximately 10 times forecasted 2024 EBITDA. The transaction is expected to close by the end of 2024, subject to regulatory approval.
Dow will retain its water-based laminating adhesives and acrylic adhesives businesses in Packaging and Specialty Plastics, as well as adhesive solutions in Dow Consumer Solutions and MobilityScience™, which align with the Company's market growth strategies.
Dow and Arkema are committed to delivering a seamless transition for all stakeholders.
About Dow Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 31 countries and employ approximately 35,900 people. Dow delivered sales of approximately $45 billion in 2023. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting www.dow.com.
For further information, please contact:
Mary Fournier +1 989-636-7475 [email protected]
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SOURCE The Dow Chemical Company
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