widely diversified Chemtura Corporation, which has a presence in crop protection,
automotive, construction, consumer, industrial and packaging, specialty chemicals,
pool, spa and home care products, has announced having completed the sale of its
EPDM chemicals business comprising the Celogen foaming agents associated with
the rubber industry.
for 2006 of the businesses being sold were approximately $185 million.
divestiture, a part of its restructuring initiative, by Chemtura, which reported
sales of $3.7 billion in 2006, also includes the sale of its manufacturing facility
at Geismar, Louisiana, an affiliate of Lion Chemical Capital, Lion Copolymer,
of the sale are being used to reduce debt that was incurred to fund the recent
acquisition of specialty lubricant producer Kaufman Holdings. Chemtura will account
for the transaction in its second quarter financial results.
transaction represents significant progress in our ongoing portfolio refinement
plan," said CEO Robert L Wood, chairman, Chemtura. "We are pleased to
be transferring the business to a buyer who is interested in growing it, which
should benefit both customers and employees.
want to thank the employees affected by this transaction, as well as our colleagues
from around the world who are leaving Chemtura as a result of our global restructuring
initiative, for their many contributions to our company. Our restructuring initiative
is progressing well; we will be reporting on it in more detail when our second
quarter results are reported on 2 August."
all of the 195 employees affected by the transaction are expected to be transferred
to the purchaser or one of their agents.
Corporation is a global manufacturer and marketer. It was formed in 2005
from the merger of Crompton Corporation and Great Lakes Chemical Corporation.
The company''s history includes Crompton & Knowles Corporation, Uniroyal Chemical
Corporation and Witco Corporation.