Dow Chemical Company has completed its acquisition of Rohm and Haas, the parent company of AgroFresh, which markets the shelf-life extension technology SmartFresh Quality System.
According to a spokesperson for Dow, the acquisition is a major step in the group’s plan to grow its performance products and specialty portfolio to deliver more consistent earnings growth.
The amalgamation of the two organisations will create a US$14bn business portfolio, to be known as Dow’s Advanced Materials division.
The division is intended to achieve US$3bn in additional value growth opportunities, as well as annual cost synergies of US$1.3bn.
“The closing of this transaction strongly positions Dow for the future by transforming our business portfolio,” said Dow chairman and CEO Andrew Liveris.
Pierre Brondeau has been named president and CEO of the new division.
With annual sales of US$58bn and 46,000 employees worldwide, Dow sells a broad range of products and services to customers in around 160 countries.
AgroFresh declined to comment on the takeover.
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