Dow to acquire Wolff Walsrode from Bayer

Dow to acquire Wolff Walsrode from Bayer

The Dow Chemical Company and the Bayer Group announced that they have reached agreement for Dow to acquire Bayer's Wolff Walsrode business group, primarily involved in cellulose products. The transaction is expected to close in the first half of 2007, subject to regulatory approval. 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 hydroxyethyl methyl cellulose and carboxymethyl cellulose chemistry with Dow's leading hydroxypropyl methyl cellulose product brands and industry expertise.