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October 11, 2008 11:03:54 PM CDT

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Dow Chemical Sells 50% of Plastics Biz to Kuwait for $9.5B

Posted Dec 13, 07 1:48 PM CST in Business 

(Newser) – Kuwait’s national oil company agreed to buy a 50% stake in Dow Chemical’s plastics divisions for $9.5 billion, marking the biggest overseas investment by a Kuwaiti firm, Bloomberg reports. CEO Andrew Liveris said Dow would benefit from cheap access to raw materials and liquid assets received from the deal, which Liveris said Dow planned to invest in specialty-chemical plastics assets.

Specialty plastics are engineered for use as car parts or home insulation, and are more reliably profitable than commodity plastics, used for shopping bags and milk jugs—although, as the world largest producer of polyethylene, commodity plastics are Dow’s bread and butter. Kuwait Petroleum CEO applauded the jobs and training the venture will stimulate: “Today is a tremendous day for Kuwait,” he said.

Source Bloomberg

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Andrew Liveris, Dow Chemical's chairman and chief executive officer, speaks at News Corp.'s Global Energy Initiative on Wednesday, May 9, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
Andrew Liveris, Dow Chemical's chairman and chief executive officer, speaks at News Corp.'s Global Energy Initiative on Wednesday, May 9, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
A small portion of a Dow Chemicals plant is shown from a park overlook April 12, 2007 in Midland, Michigan. Petrochemical Industries Co., a Safat, Kuwait-based company will gain a 50 percent stake in...   (Getty Images)
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