Chemtura Completes Sale of Organic Peroxides Business to PERGAN
Tuesday July 31, 4:57 pm ET
MIDDLEBURY, Conn.--(BUSINESS WIRE)--Chemtura Corporation today announced the completion of the sale of its organic peroxides business and Marshall, Texas manufacturing facility to German organic peroxides maker PERGAN GmbH in an all-cash transaction for an undisclosed amount. Proceeds from the transaction will be used to reduce debt that was incurred to fund the recent acquisition of specialty lubricant producer Kaufman Holdings.
"This divestiture represents additional progress in our ongoing portfolio refinement plan," said Chemtura Chairman and CEO Robert L. Wood. "We are pleased to be transferring this business to a buyer who is interested in growing it, which should benefit both customers and affected employees."
Substantially all of the 40 employees at the Marshall facility are expected to transfer to PERGAN GmbH. The organic peroxides business being sold had revenues for 2006 of approximately $20 million.
Chemtura Corporation, with 2006 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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