Dow to acquire Wolff Walsrode from Bayer
The Dow Chemical Company and the Bayer Group have reached agreement for Dow to acquire Bayer''s Wolff Walsrode business group, primarily involved in cellulose products, PRNewswire reports. The transaction is expected to close in the first half of 2007, subject to regulatory approval. Financial terms have not been disclosed. Bayer announced in March 2006 that it would divest its subsidiaries H.C. Starck and Wolff Walsrode AG. Wolff Walsrode, with 2005 revenues of more than US$400 million, would become an integral part of Dow''s Water Soluble Polymers business. The new business would combine Wolff''s advanced production technology and proficiency in HEMC (Hydroxyethyl Methyl Cellulose) and CMC (Carboxymethyl Cellulose) chemistry with Dow''s leading HPMC (Hydroxypropyl Methyl Cellulose) product brands and industry expertise. Cellulose derivatives produced by the combined businesses are used across a broad range of industry sectors, including construction materials, personal care, pharmaceuticals, food and a number of specialty applications.