Chemtura Corporation sells Consumer Products business

Chemtura to sell consumer products business for $315 million

5:23 AM, 11th October 2013
Chemtura Corporation stock market news
Craig A Rogerson, Chairman, President and CEO, Chemtura.

PHILADELPHIA, US: Chemtura Corporation has entered into a stock purchase agreement to sell its Consumer Products business, including dedicated manufacturing plants in the US and South Africa, to KIK Custom Products Inc for $315 million in cash at closing subject to certain customary pre- and post-closing adjustments, including for working capital and assumed pension liabilities. The Company will decide to explore a sale of the Company’s agrochemicals business, Chemtura AgroSolutions.

The agreement to sell the Consumer Products business, combined with the decision to explore a sale of Chemtura AgroSolutions, is aimed at delivering substantial near-term value to shareholders while further focusing the Company on opportunities to create additional value as a pure-play leader in the global development, marketing, manufacture and sale of industrial specialty chemicals.

“Today’s announcements represent the next step in our plan to simplify and transform our portfolio, positioning us to better benefit from secular industry growth trends in our chosen areas of market focus and create a sustainable competitive advantage. Following the sales of our Consumer Products and Antioxidants businesses, a sale of Chemtura AgroSolutions would transform Chemtura into a more focused, pure-play industrial specialty chemicals company with leading global positions that we believe can capitalize on attractive end-market growth trends, and continue delivering superior value to our shareholders and opportunities for our employees for many years to come,” said Craig A Rogerson, Chairman, President and CEO, Chemtura.

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