Dow Completes Divestiture of ETHAFOAM(TM) Business
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Midland, MI - November 16, 2007
The Dow Chemical Company announced today that it has completed the sale of its ETHAFOAM(TM) performance foam business to Sealed Air Corporation. Financial details of the transaction were not disclosed.
"As a leading global innovator and manufacturer of packaging and performance-based materials, Sealed Air is in an excellent position to help the ETHAFOAM business continue its growth and realize its full potential," said Torsten Kraef, Dow Building Solutions vice president and general manager. "We are confident that our customers will benefit from Sealed Air's expertise and capabilities."
Dow announced its intention to divest the ETHAFOAM(TM) performance foam business on September 25, 2007. As part of the agreement, Sealed Air acquires global rights to certain assets relating to the Dow ETHAFOAM(TM) polyethylene foam product lines, including a license to process technology, customer contracts, trademarks, and certain production and process equipment. The products include polyethylene based foam products sold under the ETHAFOAM(TM), ENVISION(TM), SYNERGY(TM) and EQUIFOAM(TM) trademarks. In addition, Sealed Air has acquired the rights to the LAMDEX(TM) trademark.
As a part of the transaction, Dow will supply products to Sealed Air from Dow's manufacturing facilities in Hanging Rock, Ohio, and Drusenheim, France for a period of up to 18 months. Following that period Sealed Air will commence manufacturing of the products at its own facilities.
ETHAFOAM(TM) performance polyethylene foam is used in a wide variety of applications, such as transportation, construction, military/defense, automotive and sports & leisure applications.
About Dow
Dow is a diversified chemical company that harnesses the power of innovation, science and technology to constantly improve what is essential to human progress. The Company offers a broad range of products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $49 billion and employs 43,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
For Editorial Information:
Rebecca Bentley
The Dow Chemical Company
+1 989 638-8568
Elizabeth McDonnell
Gibbs & Soell, Inc.
+1 212 697-2600 ext. 1247
emcdonnell@gibbs-soell.com
