Private equity firm Golden Gate Capital will buy Angus Chemical subsidiary
Dow Chemical has agreed the sale of its subsidiary, nitroalkane specialist Angus Chemical, for $1.2 billion (£763 million) to investment company Golden Gate Capital. The deal is part of Dow’s strategy to sell off $8 billion-worth of business units by mid-2016 and ‘shifting our portfolio away from assets that are no longer a strategic fit’, as Andrew Liveris, Dow’s chief executive puts it.
Dow has come under significant pressure from investors in recent months to break up the company into smaller units. While Liveris has maintained that such a major split is not in the company’s best interests, he has committed to offloading some peripheral businesses.
Angus’ 290 employees at three sites in the US and one in Germany will likely stay with the company after its sale.