Dow Chemical said it would sell a bulk of its chlorine operations - its oldest business - as part of its plan to sell or spin off commodity chemicals assets worth up to $4 billion.

Other assets identified for sale by the world's No 1 chlorine producer yesterday included its epoxy business and some brine and energy assets, representing a total of $5 billion in revenue.

The bulk of what the company plans to sell is housed in its performance materials business, which is particularly exposed to swings in commodity prices.

Dow Chemical is moving away from providing a wide range of products to focus on electronics, packaging and agriculture. It expects to raise between $3 billion and $4 billion from asset sales in the next 18 to 24 months.

The firm also said yesterday it would shut about 800,000 tonnes of chlorine and caustic equivalent capacity in Freeport, Texas.-Reuters