The Dow Chemical Company has signed agreements to sell its calcium chloride business and a stake in a crude oil refinery, to pay off its debts.
The calcium chloride business will be completely sold to Occidental Petroleum for more than $210m.
The transaction is expected to be completed by the end of June 2009 and includes transferring of all brands, manufacturing facilities and employees to the new owner.
Dow will also sell its 45% stake in Total Raffinaderij Nederland (TRN) to Valero Energy Corporation for about $725m.
The sales will bring more than $900m into the company, improve cash flow.
The sales are a part of Dow's de-leveraging plan following the acquisition of Rohm and Haas.
TRN is a crude oil refinery located in the Zeeland region of the Netherlands and employs about 400 people.
