Chemtura Increases Ownership of Baxenden Chemicals to 100 Percent
Monday March 3, 3:00 am ET
MIDDLEBURY, Conn.--(BUSINESS WIRE)--Chemtura Corporation announced today that it has acquired the stock of Baxenden Chemicals Limited owned by Croda International Plc. in an all-cash transaction for £13 million, increasing its ownership to 100 percent. Chemtura previously held 53.5% of Baxenden’s stock.
Baxenden, a world leader in polyurethane technology, has 212 employees and had 2007 revenues of approximately $70 million. Baxenden 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.
Chemtura Corporation, with 2007 sales of $3.7 billion, is a global manufacturer and marketer of polymer additives, performance specialties, consumer products and crop protection products.
Source: Chemtura Corporation
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