News

Dow Chemical, which supplies coatings to the packaging industry, is to acquire all the outstanding shares of Rohm and Haas for $78 a share in cash, subject to shareholder approval.

Under the agreement, chemicals supplier Rohm and Haas will keep its name and remain at its headquarters in Philadelphia.

Dow chief executive Andrew Liveris said Rohm and Haas would bring its "core strengths in coatings and electronic materials" to Dow.

Dow will contribute complementary coatings, biocides and personal care products to Rohm and Haas, which will take the firm's annual sales to around $13m.

Rohm and Haas chief executive Raj Gupta said the transaction offered "outstanding potential" for the company to transform itself.

Gupta also announced a price increase of 10-20% for all Rohm and Haas products sold in the Asia-Pacific region as it faces "rapidly rising" feedstock, energy and freight costs.

The increase will apply to acrylics and modified acrylics, styrenics and modified styrenics, polyurethanes, polyesters and complementary technologies and take effect from 15 July.