MIDLAND, Mich. (Aug. 4, 2009)—Changes continue at Dow Chemical Co. as the company plans to sell off a newly formed unit that includes its SBR and SB-latex holdings.
The Styron unit will include Dow's polystyrene, ABS, SAN, PC, styrene monomer, styrene-butadiene rubber and latex assets. Those businesses have annual sales of about $5 billion. Officials at Midland, Mich.-based Dow hope to sell the unit for between $1 billion-$2 billion.
Until a buyer is found, the unit will have its own chief executive and chief financial officers, overseeing 1,500 employees at 40 plants worldwide.
The unit also will include Dow's 50 percent share in Americas Styrenics, the PS/styrene joint venture that was formed with Chevron Phillips in 2007.
Longtime Dow executive Mark Remmert will serve as Styron's CEO, with fellow Dow veteran Celso Goncalves serving as chief financial officer.