Chemtura sells organic peroxides business
MIDDLEBURY, Connecticut: Specialty chemicals manufacturer Chemtura Corp. has sold its organic peroxides business and Marshall, Texas, manufacturing facility to German organic peroxides maker Pergan GmbH.
The amount of the all-cash transaction wasn’t disclosed, but proceeds will be used to reduce debt incurred by Chemtura to fund the recent acquisition of specialty lubricant producer Kaufman Holdings Corp. The divesture shows progress in the company’s ongoing portfolio refinement plan, according to Chemtura Chairman and CEO Robert Wood. All 40 employees at the Marshall facility are expected to transfer to Pergan, the company said. Chemtura’s 2006 sales equaled USD3.7 billion, according to the company, and the organic peroxides business being sold had revenues of about USD20 million in 2006.