Dow Chemical sells Morton Salt to Germany's K+S

MIDLAND, Mich. (AP) — Dow Chemical has agreed to sell Morton Salt to German fertilizer maker K+S in a deal that values the former Rohm&Haas unit at $1.675 billion.

Dow Chemical Co. on Wednesday completed its $16.5 billion buyout of Rohm&Haas, a deal it hopes will fuel growth in the high-margin specialty chemicals market. But to save cash, Dow is selling several Rohm&Haas assets.

Dow says the Morton Salt divestiture is expected to close in mid-2009.

"We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time," said Dow Chairman and Chief Executive Andrew N. Liveris, in a statement. "This sale puts us ahead of schedule on our de-leveraging plan post the close of the Rohm and Haas acquisition."