Chemtura Completes Sale of Oleochemicals Business to PMC Group NA Inc.
Monday March 3, 5:00 am ET
MIDDLEBURY, Conn.--(BUSINESS WIRE)--Chemtura Corporation today announced the completion of the sale of its oleochemicals business and Memphis, Tenn. manufacturing facility to PMC Group NA Inc. for an undisclosed amount. Proceeds from the transaction will be used to reduce debt.
“This divestiture represents more progress in strengthening our Polymer Additives business and focusing on our core businesses,” said Chemtura Chairman and CEO Robert L. Wood.
All 260 employees at the Memphis facility are expected to transfer to PMC Group NA Inc. The oleochemicals business had revenues for 2007 of approximately $175 million.
Chemtura Corporation, with 2007 sales of $3.7 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products.
Source: Chemtura Corporation
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