Chemtura Offers Up Ag Business
3 February 2009 ICIS.com reports that US specialty chemicals producer Chemtura aims to sell its crop-protection and petroleum-additive businesses. According to a source in the financial industry: “Chemtura’s ag business is being shopped by Merrill Lynch, and petroleum additives by Citigroup. It’s something of a race, as the company is looking to have at least one deal soon. But if they get good prices for both assets they might sell both,” he added. Sources list Switzerland-based Syngenta, US-based FMC, Japan’s Mitsui Chemicals, and Israel’s Makeshtim Agan as potential buyers.
Chemtura, which has US $370m in debt maturing on July 15, has been hit by investor concerns about bankruptcy. The crop-protection chemical segment posted a 58% gain in operating profits to $63 million on 17% higher sales of $306 million through the first three quarters of 2008. Sources say the sale of the crop-protection business could yield Chemtura between $700 million and $1 billion.
Get The Newsletter Today!
