The shift comes in response to persistently high energy costs in Europe, aggravated by the fallout from Russia’s invasion of Ukraine in 2022.
Some management teams are looking at older European assets and thinking ‘we are not so sure we can compete’,” said Sebastian Bray, head of chemicals research at investment bank Berenberg, as quoted by the report.“What was the decisive factor that made companies consider an exit from their assets?
Dow announced in October last year that it would initiate a strategic review of select European assets, particularly within its Polyurethanes business.“Europe’s regulatory environment has led to increasing challenges across many sectors and value chains,” said Dow CEO and chair Jim Fitterling during the company’s third-quarter earnings call.
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