Dow sells ex-Rohm and Haas plant

Dow Chemical Co. has sold one of the plants it purchased as part of its $18.8 billion 2008 acquisition of Philadelphia-based Rohm & Haas Corp. Vertellus, a private company specializing in "life sciences" chemicals, agreed to purchase the ex-Rohm and Haas plant in Elma, Wash., as part of a sale of Dow's sodium borohydride business that has grossed $225 million for Dow. Dow had previously sold Rohm and Haas's former Independence Mall headquarters (though it still rents space there) and Bridesburg chemical works, among other changes.

According to buyer Vertellus, the Elma plant is "the leading manufacturer of sodium borohydride" used in making drugs, paper, pesticides, and in petroleum processing. Vertellus is owned by Wind Point Partners, Chicago, and by Vertellus chief executive Rich Preziotti.

Dow chief executive Andrew Liveris has been selling his company's interests in old-line, relatively low-margin chemical businesses like cholorine and polyprophylene, and buying seed and energy-related businesses that might have potential for higher growth, in recent years. Since boosting its debt in the Rohm and Haas deal, Dow has been under pressure from billionaire investor Dan Loeb to raise profits and payouts to shareholders. Longtime Dow rival DuPont Co. of Wilmington has been resisting similar pressure from billionaire activist investor Nelson Peltz.