Agreement Moves Chemours Closer to Completing Strategic Review of Chemical Solutions
The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, has signed a definitive agreement to sell the Disinfectants, Oxone® and Chlorine Dioxide business lines (Clean and Disinfect Business) of its Chemical Solutions segment to specialty chemicals group LANXESS for $230 million in cash. The company anticipates closing the transaction within the second half of 2016, subject to customary closing conditions and regulatory approvals.
"Today marks another important step in our five-point transformation plan," said Mark Vergnano, Chemours president and CEO. "This agreement, along with the recent sale of our Beaumont aniline facility, illustrates the significant progress we are making to streamline our portfolio and improve our liquidity position."
The Clean and Disinfect Business, with approximately $110 million in combined revenue, is a set of leading oxidation chemistry businesses focused on providing innovative cleaning and disinfection solutions for a wide range of industrial, consumer, animal and human health applications. The product portfolio is organized into three primary categories: Disinfectants, Oxone® and Chlorine Dioxide. Chemours will retain the Glycolic Acid business, based in Belle, W.Va., which was historically part of the Clean and Disinfect Business.
Barclays Capital Inc. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal adviser to Chemours.
www.chemours.com