Axiall sells certain assets compound additives biz Galata Chemicals

Axiall sells certain assets of compound additives biz to Galata Chemicals

11:33 AM, 29th February 2016
Axiall sells certain assets of compound additives biz to Galata Chemicals

ATLANTA, GEORGIA: Axiall Corporation said that it has agreed to sell certain assets of its compound additives business, known as Solucor, and its manufacturing facility located in Bradford (Ontario), to Galata Chemicals of Southbury (Connecticut). The transaction is expected to become effective on 29 February.

The Bradford facility, which includes approximately 60 employees who will transfer with the sale to Galata, manufactures high-quality additives for rigid PVC applications, focusing on a broad mix of process aids and impact modifiers, among other products. Solucor additives have a solid track record of successful performance in their targeted applications dating to their inception in 1994.

“This is our third divestiture of non-core assets since April 2015, which allows us to better focus on our core chloro-vinyls and derivatives businesses,” said Tim Mann, president and CEO, Axiall.

“We are excited to add such a strong, complementary product portfolio and highly experienced team to the Galata Chemicals family,” said Steven McKeown, president, Galata.

“The purchase of Solucor is another key step in Galata’s growth strategy as we continue to pursue additional strategic acquisitions such as this,” said Vishal Goenka, director, Artek Surfin Chemicals Ltd, parent company of Galata Chemicals.

Balmoral Advisors LLC acted as Axiall’s financial advisor in the transaction.

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