When Dow Chemical Company started in Midland, Michigan in 1897, it produced two chemicals. One of them was bleach. Now, Dow is getting out of the bleach business.
A hedge fund has been pressuring Dow officials to spin off what are called 'commodity chemicals' in order to focus the companies efforts.
Dow sold its chlorine business to Olin Corportation, headquartered in Clayton, Missouri. Olin produces chemicals, metals, and Winchester-Western ammunition.
Dow gets about $5 billion and just over half of Olin's common stock in the deal.
