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Ports
Chem giant Dow set to sell ports, marine terminals, storage, rail facilities
Date:2020-05-19 Readers:
AMERICAN chemical giant Dow Inc is exploring the sale of its ports on the US Gulf Coast and six railway hubs as it refocuses on chemicals, reports Bloomberg.
 

The company, according to people with knowledge of the matter, has commissioned a financial adviser to solicit prospective suitors. A representative for Michigan-based Dow declined comment. Dow was spun off of DowDuPont on April 1, 2019, at which time it became a public company and was added to the Dow Jones Industrial Average.

The potential divestitures echo moves across the industry to focus on manufacturing chemicals efficiently while hiving off responsibility for running the ground infrastructure, from power supplies to transportation.

Macquarie Infrastructure & Real Assets last year paid Bayer AG and Lanxess AG more than US$3.5 billion to take over their chemical park operations, gaining a steady income from long-term service and supply contracts with the companies on site.

Dow's marine and storage operations, known as its Mars unit, includes 136 chemical and liquid hydrocarbon tanks with 200 million gallons (760 million litres) of capacity, as well as 11 marine docks.

The terminals in Freeport, Texas, and St Charles and Plaquemine in Louisiana, are located near railway lines operated by Union Pacific. Open land and unused tank capacity may also be included in a transaction.

More than 70 per cent of Mars revenue last year came from Dow, and the company would seek a 25-year contract with the buyer for marine and terminal services, one of the people said. The business also has third-party customers, most which have a minimum of 15 years remaining on their leases.

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