Company News

Chemtura exiting PVC additives business
US company Chemtura has entered into a definitive agreement to sell its PVC additives business to private equity firm SK Capital Partners in a deal valued at US$45 million.

Chemtura, which filed for Chapter 11 bankruptcy protection last year, said that it will make SK Capital the lead “stalking horse” bidder for its additives business in the auction sale. Other companies can also make bids for the business.

The PVC additives unit makes tin stabilisers, liquid and solid mixed metals, liquid phosphite esters, epoxidised soybean oil, thiochemicals, organic-based stabilisers and impact modifiers. It has plants in the US and Europe, including facilities in Lampertheim, Germany, and Taft, US. In 2008, the business had sales of US$374 million.

SK Capital also owns Aristech Acrylics and Ascend Peformance Materials, which it bought from Solutia.