Dow announced the divestment of some of its US Gulf Coast marine and terminal operations and assets to Vopak Industrial Infrastructure Americas for USD620 million.
Included in the deal are marine and storage terminal operations and assets at Dow’s sites in Plaquemine and St. Charles, Louisiana, and Freeport, Texas. The transaction is set to complete in the fourth quarter of 2020.
Goldman Sachs acted as financial advisor to Dow, and Mayer Brown provided legal support.
Dow CEO and Chairman Jim Fitterling commented, “The transaction will enable Dow to deploy cash towards value-enhancing opportunities in our core businesses consistent with our capital allocation priorities including ensuring safe and reliable operations and paying down additional debt.”
Related to the announcement, Dow and Vopak have other agreements to ensure the reliability and cost-advantaged services for existing Dow businesses at the in-scope sites for the long term.
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Published on September 15, 2020 4:02 PM (GMT+8)Last Updated on September 16, 2020 3:38 PM (GMT+8)
