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Dow Co.
to sell rail assets in six North American petrochemical complexes, Dow Corp.
(DOW), said July 6 that it has agreed to sell its rail infrastructure assets
and related equipment in six North American petrochemical complexes and entered into long-term service agreements
with buyers.
Watco Corporation will acquire these assets
for $310 million.
The transaction is expected to close
in the fourth quarter of this year.
While Dow will divest these assets, the company will continue to use them with Watco, as owner and operator
.
Dow CEO Jim Fittling said in a statement that the deal was part of a review of Dow's "non-product manufacturing assets" in an effort to grow its core business while freeing up cash to pay down debt
.
