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2013 Annual Report 11
u
Streamlining Our Portfolio
Afteracarefulreviewofourportfolio,wetooksteps
in2013tostreamlineourportfoliotowardless-cyclical,
higher-marginbusinesses—goingdeeperandnarrower
intoattractiveend-usemarketssuchaspackaging,
electronics,transportationandagriculture.Additionally,
wearelookingacrosstheCompanytooptimizethe
valueofallofourassets,includingourjointventures.
• Wemadethestrategicdecisiontoexitdownstream
businessesandtheircommensurateupstream
requirementswherecommoditizedreturnsare
lesscompelling.
• Weannouncedtheplannedcarve-outofourglobal
Epoxybusiness,ourglobalChlorinatedOrganics
business,andourChlor-Alkali/Chlor-Vinylbusinessin
theU.S.GulfCoastregion.Together,thesebusinesses
represent$4billionto$5billionintotalannualrevenue
thatweexpecttodivestoverthenext12-24months.
Strengthening Long-Term Competitiveness
In our Coatings and Infrastructure Solutions
segment, we achieved top- and bottom-line gains
in the back half of 2013 – evidence of improving
market fundamentals – together with successful
execution against our restructuring actions. In
addition to our near-term gains, as we look ahead, we
are focusing our attention on strategic investments
and prioritized, customer-focused innovations that
drive dierentiation and long-term growth.
New architectural coatings products improve hiding
properties, stain resistance and the washability
of paint while also addressing demand for more
formulations that use fewer natural resources or
enhance air quality. For example, innovations
such as the waterborne DIRTSHIELD™ technology,
FORMASHIELD™ technology and EVOQUE™ Pre-
Composite Polymer Technology are addressing the
needs for better water resistance, better indoor air
quality and better hiding capabilities.
• WeclosedthesaleofthePolypropyleneLicensing&
CatalystsbusinesstoW.R.Graceforgrossproceedsof
$510million,helpingusrealize$850millioninpretax
proceedsfromthesaleofnon-strategicbusinessesand
assetsin2013.
Together,theseactionsreectourportfolio-management
focus,anddemonstrateourcommitmenttoourstrategy
andourbiastowardlong-termvaluecreation,further
rewardingshareholders.
G ep d nr 
trac d-u mks
su  packa, ectrcs,
trsp d aiculte.