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2008-02-03
Manufacturing News
Chemicals producer Chemtura sells Fluorochemicals biz Specialty chemicals manufacturer Chemtura sells Fluorochemicals business unit and the El Dorado, Arkansas production facility to DuPont for an undisclosed amount.
Chemtura Corporation (NYSE: CEM) announced that it has completed the sale of its Fluorochemicals business and related production facility to E.I. du Pont de Nemours and Company (DuPont) in an all-cash deal. Terms of the deal were not disclosed. "The sale is another step in our ongoing portfolio refinement initiative. We are actively divesting non-core businesses and assets to enable us to better focus on our core businesses," said Chairman and CEO Robert L. Wood. Chemtura completed the divestiture of its organic peroxides business in May, its EPDM business in June and its optical monomers business in October of 2007. Fluorochemicals are chemical compounds containing fluorine, especially a fluorocarbon. DuPont's brand trademark Teflon® (polytetrafluoroethylene), is a fluorochemical that is unaffected by most acids and corrosive chemicals and remains solid at temperatures much higher than any other plastic. DuPont continues to develop fluorochemicals that are environmentally responsible and serve a variety of industrial and consumer markets. The approximately 25 employees who work for the Fluorochemicals business have become employees of DuPont. The Fluorochemicals business had revenues for 2006 of approximately $56 million. Included in the sale is the Fluorochemicals production unit at Chemtura's El Dorado, Ark. plant. Chemtura will retain ownership of its other El Dorado facilities. The company will record the sale in its first quarter, 2008 financial statements. Chemtura Corporation, with 2006 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. Chemtura offers a wide portfolio of products to a number of markets, including agriculture, automotive, construction, consumer, industrial and packaging. View all the Press Releases from Chemtura sites - Click Here Read a recent article about -
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