Mar 5 2008
The Dow Chemical Company announced today the sale of its Haltermann Products U.S. Test & Reference Fuels business as well as its Dow Haltermann Custom Processing business in the U.S. associated with its Channelview site, located on Jacintoport Boulevard in Houston, Texas.
The acquiring company is Monument Chemicals, Inc. of Indianapolis, Indiana. The transaction will close at the end of the day today – February 29, 2008. The divestment includes associated product and process technology, intellectual property, and trademarks as well as the Jacintoport facility. Employees at this site will become employees of Monument Chemicals.
The Dow Haltermann Custom Processing and Haltermann Products sites and businesses in Europe and the Dow Haltermann Custom Processing facility in Freeport, Texas, remain with Dow and are not part of the transaction.
“This transaction reflects Dow’s commitment to actively manage its portfolio, divesting businesses that are no longer strategic to the Company and preferentially investing in growth and technology opportunities in specific core markets and market facing businesses where we can be a leader over the long term,” said Patrick Ho, business group president, Dow Epoxy & Specialty Chemicals.
“We believe Monument Chemicals is better equipped to help these businesses reach their full potential because the buyer’s core operations and aspirations are much more strongly aligned with the specialty hydrocarbon business. We are confident that our U.S. customers will be in good hands, and we will work closely with Monument to ensure a smooth transition.”