Chemtura to sell global PVC additives business
Specialty chemical supplier Chemtura Corporation has entered into a definitive agreement with New York-based p...
Specialty chemical supplier Chemtura Corporation has entered into a definitive agreement with New York-based private equity firm SK Capital Partners to acquire Chemtura’s PVC additives business.
The PVC additives business had revenues of US$374 million in 2008 and US$177 million for the nine months ended Sept. 30, 2009.
The proposed transaction is subject to approval by the United States Bankruptcy Court for the Southern District of New York and a Court-approved auction
According to the bankruptcy court motion, the auction for the assets is scheduled for February 22.
Middlebury, Conn.-based Chemtura filed for Chapter 11 protection from creditors in March 2009.
The PVC Additives business develops, manufactures, sells and distributes tin stabilizers, liquid and solid mixed metals, liquid phosphite esters, epoxidized soybean oil, thiochemicals, organic-based stabilizers, and impact modifiers used primarily in PVC applications.
“We believe that the proposed transaction is the most certain way to maximize the value of the PVC Additives business and is in the best interests of the Company and all of our stakeholders,” said Craig A. Robertson, Chemtura’s chairman, president and CEO. “The PVC Additives business is well-positioned in its industry segments with great technology, blue-chip customers and talented employees, and this proposed transaction will bring a tighter focus to Chemtura’s business portfolio.”