3 November 2006 – Chemtura expects to sell its EPDM* synthetic rubber and certain rubber chemicals businesses, which have a combined turnover of some $300m, by the end of the year. A letter of intent has been signed with an unidentified party and progress towards a definitive agreement is underway, Chemtura reported yesterday.
The rubber chemical business centres on the Geismar plant in Louisiana as well as the Flexzone antiozonants business worldwide.
Chemtura will use the proceeds primarily for debt reduction, according to the group, formed from a merger of Crompton and Great Lakes Chemical.
“This sale is an important milestone in our plan to divest non core assets and businesses,” says Chemtura chairman and ceo Robert Wood. ”We are pleased to be transferring these businesses to a buyer who is interested in growing them, which should benefit our customers,” he added.
Chemtura recently announced the sale of its remaining stake in extruder maker Davis-Standard.
