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2008-03-04
Manufacturing News
Chemtura obtains full ownership of Baxenden Chemicals Chemtura Corporation acquires reamining shares of Baxenden Chemicals Limited, a world leader in polyurethane technology, in a cash transaction.
Chemtura Corporation announces that it has acquired the stock of Baxenden Chemicals Limited owned by Croda International Plc. in an all-cash transaction for GBP 13 million. This action increases its ownership to 100 percent. Chemtura previously held 53.5% of Baxenden's stock. Baxenden Chemicals, a world leader in polyurethane technology, has 212 employees and had 2007 revenues of approximately $70 million. Baxenden Chemicals has manufacturing facilities in Accrington and Droitwich, UK. "Full ownership of Baxenden will permit better utilization of the complementary technology and manufacturing experience of our businesses and will result in offering our customers a broader portfolio of products, technology and service. While we evaluated selling this joint venture, we determined that full ownership would create much more value through the integration of Baxenden's and Chemtura's broad capabilities," said Robert Wedinger, chief business officer for Chemtura and group president of Chemtura Performance Specialties, which includes the urethanes business. "Baxenden has strong technology platforms that dovetail with Chemtura's existing high-performing urethanes business. We see exciting growth potential for their polyurethane dispersion (PUD) products, specialist polyurethane prepolymers, and blocked isocyanate products and expect Baxenden to benefit from the global growth opportunities which now will be available as part of Chemtura," Wedinger said. Got a Cool Job in Chemicals? - Post Jobs to Dedicated Engineering Jobsite Now! See all the Press Releases from Chemtura sites. Read a recent article about -
. Specialty chemicals group Lanxess
to make record investment
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