Dow Finds Buyer for Agrofresh Food Packaging Maker

In a deal set to close in the third quarter, Dow Chemical plans to sell its Agrofresh food-packaging business to Boulevard Acquisition, the public investment vehicle of Avenue Capital, for a total consideration of around $860 million.

Boulevard has agreed to pay $626 million in cash and 18.4 million of its own shares for the company, in which Dow will initially hold a stake of about 40% and Boulevard investors own around 60%.

Agrofresh was one of the first businesses put up for grabs by Dow CEO Andrew Liveris in an asset sale now estimated to generate revenues of around $11 billion.

Under pressure from activist shareholder Daniel Loeb and his Third Point hedge fund, Dow recently also agreed to sell its chlorine business to Olin Corp. for about $4.2 billion. It now says the move will cost up to 1,750 jobs.

CHEManager Spotlight

Standardization and Harmonization of Digital Chemical and Pharmaceutical Logistics
Creating Interfaces

Standardization and Harmonization of Digital Chemical and Pharmaceutical Logistics

CHEManager Spotlight is an exclusive event tailored for practitioners and decision-makers in the chemical industry. This part of our event series delves into the latest trends and innovations in logistics to streamline your operations and drive efficiency.

Free Virtual Event

Sustainability in Bioprocessing
Bioprocess Forum

Sustainability in Bioprocessing

Join us to explore hot topics in sustainable bioprocessing like the industrial potential of enzymatic synthesis, innovative biocatalysis techniques, and the use of digital twins in bioprocessing.