Chemtura Divests Monomers
MIDDLEBURY, Conn., Nov. 1, 2007 -- Specialty chemical manufacturer Chemtura Corp. announced the sale of its optical monomers business to a Munich, Germany-based private equity firm in an all-cash transaction today for an undisclosed amount.
Included in the sale to Auctus Management GmbH & Co HG is Chemtura's Ravenna, Italy, manufacturing facility. Auctus formed the affiliate Acomon AG in Zug, Switzerland, to operate the optical monomers business, which had revenues of approximately $35 million in 2006 and employs about 45 people, mostly at the Ravenna facility. Optical monomers are used in a variety of applications, including lenses for eyewear, protection sheets for welding masks and screens, photographic filters, safety goggles and lab equipment.
Middlebury-based Chemtura said the sale will allow it to focus on its core businesses of chemicals for crop protection, pool, spa and home care products. Proceeds from the sale will be used primarily to reduce its debt, the company said.
“Optical monomers is a very good business that just doesn’t fit our portfolio at this time,” said Chemtura Chairman and CEO Robert L. Wood. “We are pleased to be transferring the business to a buyer who is interested in growing it, which should benefit both customers and employees.”
For more information, visit: www.chemtura.com
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