Chemtura Announces Expected Sale of EPDM and Certain Rubber Chemicals Businesses
Thursday November 2, 6:06 pm ET
MIDDLEBURY, Conn.--(BUSINESS WIRE)--In order to place greater focus on its core businesses, Chemtura Corporation announced that it has signed a letter of intent to sell its EPDM business and the Rubber Chemicals businesses associated with Geismar, Louisiana as well as Flexzone® antiozonants worldwide. The parties are working toward a definitive agreement, which is expected to be signed by the end of the year. The transaction is subject to regulatory approvals. Proceeds from the sale will be used primarily for debt reduction.
This sale is an important milestone in our plan to divest non-core assets and businesses. We are pleased to be transferring these businesses to a buyer who is interested in growing them, which should benefit our customers," said Chemtura Chairman and CEO Robert L. Wood.
The EPDM and Rubber Chemicals businesses being sold had revenues for the twelve months ended Sept. 30, 2006 of approximately $300 million.
Chemtura Corporation, with pro forma 2005 sales of $3.9 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products.
Source: Chemtura Corporation
Engineering News Archive