MIDLAND, Mich. (Feb. 9)—Two days after completing its $7.4 billion purchase of Union Carbide Corp., Dow Chemical Co. has reached an agreement with EniChem S.p.A. to buy EniChem´s polyurethanes business, consisting of polyol, diphenylmethane diisocyanate, toluene diisocyanate and polyurethane systems capacities in Europe for $370 million, EniChem reported. EniChem´s PU business produces about $500 million in sales annually, Dow said. Under terms of the agreement, Dow will sell Union Carbide´s 50-percent interest in Polimeri Europa—an olefin and polyethylene business—for $189 million to EniChem to satisfy the European Commission´s conditions approving the Dow/Union Carbide merger. EniChem´s PU materials and systems are used in flexible and rigid polyurethane foams, elastomers, adhesives and coatings. The EniChem PU business will add about 118,000 metric tons of TDI capacity, 80,000 tons of MDI and 160,000 tons of polyols to Dow Chemical´s global capacities.