Dow Chemical in $9.5 billion Kuwaiti deal

Company sells 50 percent of 5 businesses in petrochemicals plan
MIDLAND, Mich. - Dow Chemical Co. will sell a 50 percent interest in five of its global businesses to a Kuwaiti company for about $9.5 billion to form a new joint petrochemicals venture, the company said Thursday.

Dow said the transaction with Petrochemical Industries Co., a subsidiary of state-owned Kuwait Petroleum Corp., is subject to the completion of definitive agreements and regulatory approvals.

Dow expects the deal to close in late 2008.

The joint venture will be based in the U.S. and will employ more than 5,000 people worldwide, mostly current Dow employees, the company said. The new company will be 50 percent owned by Midland-based Dow and PIC.