Dow Spends $18.8B On Rohm And Haas
The Dow Chemical Co. has acquired Rohm and Haas, an international industrial chemical manufacturer with 600 employees in Marlborough, for $18.8 billion.
Michigan-based Dow paid $78 in cash per share of Rohm and Haas stock. Rohm and Haas is based in Philadelphia. Dow said the acquisition is part of a move that allows the company to concentrate on selling profitable paints, adhesives, "performance products" and advanced materials.
The acquisition was financed by Berkshire Hathaway and the Kuwait Investment Authority. Debt financing was provided by investment banks Citi, Merrill Lynch and Morgan Stanley. Dow is the largest chemical company in the U.S.
Rohm and Haas materials are found in building and construction supplies, electronics, household goods, personal care items, packaging materials, paper and food products among others.
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