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May 1, 2015 Dow Jones reports: Dow Chemical Co. has agreed to sell its specialty chemical business AgroFresh to an investment arm of Avenue Capital Group for $860 million, the chemical giant's latest move to refocus its business. Dow had announced plans to divest the business last October. AgroFresh provides chemicals that keep produce fresh. Its flagship product is SmartFreshSM Quality System, a freshness protection technology that helps maintain fruits' firmness, texture and appearance. Dow said AgroFresh is focused on the post-harvest market, which doesn't align with the rest of its portfolio. Dow will keep a minority stake in the business, initially holding about 40% of the shares. Shareholders of Boulevard Acquisition Corp., the public investment vehicle of Avenue Capital, will initially hold the remaining 60% stake. The deal is expected to close in the third quarter of the year. Dow is in the midst of a broad shift to focus on higher-margin products rather than the increasingly commoditized business of turning oil and natural gas into basic chemicals. In March, Dow said it would spin off a significant portion of its chlorine business to smaller chemicals maker Olin Corp. in a cash-and-stock deal valued at $5 billion. Tweet |
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