MIDLAND, MI — The Dow Chemical Company officially closed on its $16.5 billion buyout of specialty chemical manufacturer Rohm & Haas Company, according to an Associated Press story hosted by Google.com.
The nearly nine-month-long negotiations that began last July ended Wednesday with the disappearance of the Rohm & Haas brand and the end of its stock trading, the story stated.
Dow Chemical Chairman, Chief Executive and President Andrew Liveris said: "The closing of this transaction strongly positions Dow for the future by transforming our business portfolio. We are committed to delivering on a clear and measurable plan designed to meet the needs of our investors, employees, customers and suppliers, even in this current challenging macroeconomic environment."
In what Dow Chemical hopes will fuel growth in the high-margin specialty chemicals market, the Rohm & Haas Company, a wholly owned subsidiary of Dow, will be the core of a new advanced materials unit that is expected to have $14 billion in annual sales, the story noted.
To save money and make the integration as seamless as possible, Dow has moved to lay off thousands of Rohm & Haas workers and announced plans to sell several assets, including Morton Salt, the story added.
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