Howard Ungerleider - new Chief Financial Officer
This is most notable in performance materials, a segment where we have committed to improve and where our actions over the last many quarters continue to gain traction. Particularly in polyurethanes and epoxy, here we’ve implemented a broader productivity focus, running a leaner, more efficient model and reducing costs.
For example, polyurethane achieved double-digit sales growth, driven by demand in key sectors, such as consumer comfort, appliance and industrial applications.
In addition, during the quarter we completed the sale of a substantial portion of our North America railcar fleet, an action we committed to last quarter. This strategic step generated more than $400 million in cash proceeds and further, it firmly reinforces the company's commitment to deploy capital to areas where we can generate higher returns.
We also continued to make steady progress on the planned carve-out of our chlorine chain, which as we have indicated is expected to generate EBITDA in the range of $500 million annually on a standalone basis. We've taken a number of actions to streamline this value chain and the businesses are demonstrating rising profitability as a result.
We have received strong interest and are engaging directly with buyers. In fact, financials are now in the market. The project team is working diligently to stand up the carveout within a separate structure and remains firmly on track to have signed agreements in place by the second quarter of 2015. In all cases, transaction options will be examined to ensure Dow generates maximum value for the businesses and for our shareholders. As we have indicated, we will not sacrifice long-term returns for short-term gains.