Dow Chemical (NYSE: DOW) announced Tuesday that its Styron Division to private equity firm Bain Capital for $1.63 billion, according to Associated Press.
Under the deal, Dow has an option to receive up to 15 percent of the equity of Styron as part of the sale consideration. In addition, the transaction includes several long-term supply, service and purchase agreements
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The companies are expecting the deal to close by August, pending regulatory approvals and closing conditions.
Styron, a diversified chemicals and plastics company, has more than 40 manufacturing plants and is expected to post $3.5 billion in sales for 2009.
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