Dow ludington sale pending ludington daily news shorelinemedia.net wd gaster cosplay

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According to Dow’s news release announcing the sale — which didn’t name the buyer — the calcium chloride transaction will also include Dow brands such as Peladow premium ice-melt, Liquidow calcium chloride solution, Combotherm blended deicer, Briner’s Choice calcium chloride, and Dowflake Xtra calcium chloride flake.

“Dow has been a real important part of our community for a long time… we hope the new buyer will be as good of a community partner with us and keep the plant running as well as Dow has,” John Shay, Ludington city manager, said this morning. He said he hopes the buyer — he hadn’t heard a name — keeps the 130 jobs now at Ludington Dow at the plant.

Dow Ludington’s calcium chloride business is coming off a record year. Dow has operated the plant in Ludington since 1942 when the U.S. Defense Plant Corporation opened it to manufacture magnesium as part of the war effort. The Dow Magnesium Corporation, a division of The Dow Chemical Company, was contracted to build and operate the plant. Brine well drilling began throughout Mason County.

Dow also announced plans for the sale by Dow Europe GbmH and Dow Benelux BV of their interests in Total Raffinaderij Nederland N.V. (TRN), Dow’s joint venture with Total S.A., to Valero Energy Corporation (NYSE: VLO) for an enterprise value expected to be approximately $725 million.

The Midland, Michigan-based company has hastened to cut debt levels after closing on the acquisition of Rohm & Haas last month for more than $16 billion. CEO Andrew Liveris cut the deal expecting a large cash infusion from a joint venture in the Middle East, but that agreement fell apart late last year. That proved to be a major drag on Dow’s balance sheet and threatened its credit rating.

Since the transaction closed, Dow has moved aggressively to cull debt, including issuing $2.25 billion of new equity and $6 billion of new long-term debt. The company also announced the $1.7 billion sale of the Rohm & Haas unit Morton Salt, a deal expected to close midyear.

As Dow seeks to reduce debt and position itself for the future, it will look to “focus on ’growthier’ aspects of its portfolio” and shed those businesses with slimmer profit margins, especially those that don’t fit strategically with the company, added Selesky.

Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company, as well as a major North American chemical manufacturer, its Web site states. The Delaware-based Oxy, as it is called, is the fourth-largest U.S. oil and gas company, based on market capitalization of $48.6 billion at year-end 2008, with more than 10,000 employees and 20,000 contractors on four continents.

It has three main segments to its business: Occidental Oil and Gas, an oil and gas exploration and production business involved in the United States, Middle East/North Africa and Latin America; Midstream, Marketing and Other which encompasses operations that gather, treat, process, transport, store, trade and market crude oil, natural gas, natural gas liquids, condensate and carbon dioxide, and generates and markets power; and OxyChem, a leading North American manufacturer of polyvinyl chloride (PVC) resins, chlorine and caustic soda — key building blocks for a variety of indispensable products such as plastics, pharmaceuticals and water disinfectants. OxyChem is the largest U.S. merchant marketer of both chlorine and its co-product, caustic soda, and the world’s largest producer of caustic potash.