MIDLAND, Mich. (AP) -- The Dow Chemical Co. said Thursday that it completed the sale of its interest in Morton International Inc. to a German company for $1.68 billion.
The deal for the Morton Salt business is expected to make K+S Aktiengesellschaft of Kassel, Germany, the largest salt producer in the world.
About $1 billion of the proceeds from the deal will be used to pay off a bridge loan Dow used to help fund its acquisition of Rohm and Haas Co. earlier this year. The remaining proceeds will be used to pay down other debt, Dow said.
Dow shares fell 66 cents, or 2.5 percent, to $25.41 in morning trading Thursday.