Dow has been under pressure from the hedge fund Third Point LLC to split its specialty chemical and petrochemical businesses. Dow CEO and Chairman Andrew Liveris said in a statement that the Olin deal has helped the Midland, Michigan-based company exceed its target to divest $7 billion to $8.5 billion of non-strategic businesses and assets. Dow and Olin also announced a separate, 20-year long-term capacity rights agreement for the supply of ethylene by Dow to Olin.