The Dow Chemical Co. said April 1 it will sell the salt business of newly acquired Rohm and Haas for $1.7 billion. Dow entered into a definitive agreement to sell the stock of salt producer Morton International Inc. to K+S Aktiengesellschaft, a supplier of standard fertilizers, plant care and salt products.
The transaction is expected to close in mid-2009.
Earlier that day, Dow said it had completed its acquisition of Rohm and Haas. The sale of Morton International is the next step in Dow's de-leveraging plan, the company said.
The sale will help Dow reduce its originally anticipated bridge loan debt from $13 billion to approximately $7.5 billion.