Dow Chemical Co. (NYSE: DOW) said Thursday it will sell a hollow sphere plastic pigment product line to specialty chemicals maker Omnova Solutions Inc. and close two production units at a Texas plant.
Dow said styrene monomer and ethylbenzene production at the Freeport, Texas, site will close by the end of the year, according to Associated Press.
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About 60 employees will be affected, with about one-half reassigned to other positions.
The two chemicals are part of the basic chemicals market that has been heavily affected by price fluctuations in crude oil.
The closures are part of a restructuring plan announced in June shortly after Dow completed its $16.5 billion acquisition of Rohm & Haas Co.
The deal is contingent on the approval of the Federal Trade Commission and is expected to close in the fourth quarter. It is the last step required by the FTC as part of the Rohm & Haas acquisition.
Also on Thursday, Dow and Alstom dedicated a pilot plant that will capture about 1,800 metric tons of carbon dioxide a year at the chemical company's plant in South Charleston, W.Va.
Shares of Dow rose 13 cents to $23.05 while Omnova shares rose 6 cents to $5.08 in afternoon trading.
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