Chemtura completes $16.2 million sale of PVC Additives business

By Caroline Salls

Pittsburgh, May 3 - Chemtura Corp. has completed the $16.2 million sale of its PVC Additives business to Galata Chemicals, according to a company news release.

In addition to the cash consideration Galata will assume some liabilities, including pension obligations and environmental liabilities.

Galata is a partnership between private equity firm Aterian Investment and textiles, metal finishing and chemicals business Artek Surfin Chemicals Ltd.

"This divestiture was the best way for us to maximize the value of the PVC Additives business and is in the best interests of Chemtura and of the business itself," Chemtura chairman, president and chief executive officer Craig A. Rogerson said in the release.

"It is part of our plan to focus on maximizing the total value of our portfolio of businesses as we continue working to strengthen the company and position it for long-term success."

According to the release, the sale includes Chemtura's ownership interest in Chemtura Vinyl Additives GmbH and some assets used in the manufacture and distribution of PVC additives.

Chemtura said all full-time employees of the PVC Additives business will have the opportunity to continue in their current positions under new ownership.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products that filed for bankruptcy on March 18, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-11233.

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