Valfilm North America announced today the close of the purchase of Dow Chemical's polyolefin films plant in Findlay, OH. Included in the acquisition are both the plant's physical assets and the majority of intellectual property practiced at the facility.
"The Findlay site is an attractive acquisition for us and will be a good fit for our growth strategy in North America," stated Carlo Bergamaschi, managing director for Valfilm. "We are committed to maintaining a close relationship with all of Findlay's customers to ensure a smooth transition and support their current and future product needs."
Included in the transaction are a wide-variety of polyolefin films including wire and cable wrap film, automotive adhesive film and barrier films.
In September 2014, Dow decided to close the facility at the end of January 2015, impacting approximately 70 employees. Valfilm intends to restart the facility in February 2015.
Dow also agreed to sell its global sodium borohydride business to Vertellus Specialty Materials. Both transactions are expected to close in the first quarter of 2015 pending regulatory approvals. Combined proceeds from the transactions total approximately $225 million.
"We continue to demonstrate our market-driven focus by selectively shifting our portfolio away from businesses that - while valuable - are no longer a strategic fit," said Andrew N. Liveris, Dow's chairman and CEO. "By narrowing our market participation and preferentially funding those businesses in which we have strong competitive positions in attractive markets, we continue to increase value that can be redirected for more strategic uses, such as funding targeted growth, reducing debt and rewarding shareholders."