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2008-01-27 Manufacturing
News
Specialty chemicals group Chemtura to sell Oleochemicals biz Global manufacturer and marketer of specialty chemicals, Chemtura, reaches an agreement to sell its Oleochemicals Business to PMC Group NA Inc.
The agreement by Chemtura, a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products, to sell its Oleochemicals Business to PMC Group NA Inc., Mount Laurel, NJ, USA is for an undisclosed amount. The sale is subject to financing and other conditions including customary closing conditions. Included in the transaction is Chemtura's production facility at Memphis, Tenn. Proceeds from the sale will be used primarily for debt reduction. "This transaction will be another step in improving our polymer additives business by strategically divesting product lines to better focus on the products and businesses where we have our greatest strengths and leading market positions," said Chemtura Chairman and CEO Robert L. Wood. "PMC Group NA Inc. is committed to this business and its growth, which will be an advantage to both customers and employees." PMC Group, based in Mount Laurel, New Jersey, is a privately held, global performance plastics and chemicals producer with manufacturing facilities around the world. PMC Group was born with the acquisition of the Polymer Products business of PPG Industries. From the plastics used to produce television cabinets to the invisible protectants in your tires, to the films used to package your consumer products, to the process aids used to make the sugar in your coffee, the people and households touched by PMC Group products span the globe. Chemtura's Memphis facility has about 260 employees, who are expected to transfer to PMC Group NA Inc. The facility produces fatty acids, fatty esters, glycerin approved for pharmaceutical applications, glycerol esters, amides, bisamides, stearates and triglycerides. The Memphis plant is the only producer of primary amides in North America for the plastics additives market. Chemtura is the world's largest producer of plastic additives, which give plastics their various properties. The transaction is expected to close by the end of the first quarter. The oleochemicals business had revenues for 2007 of approximately $175 million. See all the Press Releases from Chemtura sites - Click Here Read a recent article about - Got a Cool Job in Chemicals?- Get the word out today! Our dedicated portal helps U- $ave
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