Chemtura Corp. (NYSE: CEM) has sold its optical monomers business to Acomon AG, a Switzerland-based affiliate of German private equity firm Auctus Management. No financial terms were disclosed for the deal, which included Chemtura's manufacturing facility in
In order to place greater focus on its core businesses, Chemtura Corporation (NYSE: CEM) announced that it sold its optical monomers business to Acomon AG, an affiliate of Munich-based Auctus Management GmbH & Co. KG in an all-cash transaction today for an undisclosed amount. Included in the transaction is Chemtura's Ravenna, Italy manufacturing facility. Proceeds from the sale will be used primarily for debt reduction.
“This sale represents continued progress in our portfolio refinement and footprint optimization initiatives,” said Chemtura Chairman and CEO Robert L. Wood. “Optical monomers is a very good business that just doesn't fit our portfolio at this time. We are pleased to be transferring the business to a buyer who is interested in growing it, which should benefit both customers and employees,” Wood concluded.
Optical monomers are used in a variety of applications, including lenses for eyewear; protection sheets for welding masks and screens; photographic filters; and lab equipment. The optical monomers business being sold had revenues for 2006 of approximately $35 million and employs approximately 45 people, the majority of whom work in its Ravenna, Italy facility.
About Chemtura Corporation
Chemtura Corporation, with 2006 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
About Acomon AG
Acomon AG, based in Zug, Switzerland, was formed to operate Chemtura's former optical monomers business. Acomon is an affiliate of Auctus Management GmbH & Co. KG, a Munich-based private equity firm.