Dow Chemical 2015 Annual Report Download - page 42

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available to repurchase under the share buy-back program. Due to the pending transaction with DuPont, the Company will not
repurchase shares under the share repurchase program until after the shareholder vote on the DowDuPont merger. The
Company expects to complete approximately $2 billion of share repurchases in 2016.
Other notable events and highlights from 2015 include:
• On January 30, 2015, the Company completed the divestiture of its global Sodium Borohydride business, part of the
Performance Materials & Chemicals segment, to Vertellus Performance Chemicals LLC.
• On January 30, 2015, Dow AgroSciences LLC completed the acquisition of Cooperativa Central de Pesquisa Agricola's
("Coodetec") seed business. The acquisition of Coodetec's seed business is expected to advance the development of Dow
AgroSciences' soybean program and strengthen the Company's position in the corn market segment.
• On February 2, 2015, the Company completed the divestiture of ANGUS Chemical Company, part of the Performance
Materials & Chemicals segment, to Golden Gate Capital.
• On April 15, 2015, the Company announced its 2025 Sustainability Goals, the third set of sustainability-related goals since
1995. The 2025 Sustainability Goals include aggressive sustainability targets designed to develop breakthrough product
innovations, positively impact the lives of one billion people and deliver $1 billion in cost savings or new cash flow for the
Company by valuing nature in business decisions.
• On April 28, 2015, Dow's Polyurethanes business announced the successful start-up of a new state-of-the-art polyether
polyols plant in Asia Industrial Estate, Rayong, Thailand.
• On May 5, 2015, the Company completed the step acquisition of Univation, previously a 50:50 joint venture between Dow
and ExxonMobil Chemical Company ("ExxonMobil").
• On July 31, 2015, the Company completed the divestiture of its AgroFresh business, part of the Agricultural Sciences
segment, to Boulevard Acquisition Corp., subsequently renamed AgroFresh Solutions, Inc. ("AFSI").
• On October 5, 2015, the Company completed the split-off of its chlorine value chain including the U.S. Gulf Coast Chlor-
Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses to Olin Corporation ("Olin").
• On December 8, 2015, the Company announced that its joint venture in the Middle East – Sadara – had achieved its first
polyethylene production. Sadara’s 26 manufacturing assets remain on schedule for a sequenced start-up process, beginning
with the polyolefins envelope to maximize timing in the ethylene cycle, followed by ethylene oxide/propylene oxide and
their derivatives.
• On December 10, 2015, the Company entered into a definitive agreement to restructure the ownership of Dow Corning
Corporation ("Dow Corning"). Under the terms of the agreement, Dow will become the 100 percent owner of Dow
Corning, currently a 50:50 joint venture between Dow and Corning Incorporated ("Corning"). Dow and Corning will
maintain their current equity stake in Hemlock Semiconductor Group. The transaction is expected to close in the first half
of 2016.
• On December 11, 2015, the Company and DuPont announced that their boards of directors unanimously approved a
definitive agreement under which the companies will combine in an all-stock merger of equals strategic combination. The
combined company will be named DowDuPont. This transaction is expected to close in the second half of 2016, subject to
customary closing conditions, including regulatory approvals. The parties intend to subsequently pursue a separation of
DowDuPont into three independent, publicly traded companies through tax-efficient transactions, including a leading
global pure-play agriculture company, a leading global pure-play material science company and a leading technology and
innovation-driven specialty products company.
• On December 18, 2015, the Company announced its new, on-purpose propylene production facility, located at the Oyster
Creek site in Freeport, Texas, commenced operations.
• On December 23, 2015, the Company announced that it sold its ownership interest in MEGlobal to EQUATE for
$1.5 billion in pretax proceeds.