The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is “limited” and that it takes “considerable capital” to grow these businesses. Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things.
CEO
The proceeds will be used to strengthen the company's balance sheet and means it has reached its targeted amount of business sales a year earlier than scheduled.
Subject to regulatory and other approvals, the transaction is expected to complete by the end of 2020.
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