Key Developments: Chemtura Corp (CHMT.N)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
Chemtura Corporation Acquires Full Interest in DayStar Materials LLC
Chemtura Corporation Acquires Full Interest in DayStar Materials LLC Full Article
Chemtura Corp Amends Terms of Sale of Antioxidant and UV Stabilizers Business to SK Capital Partners
Chemtura Corp announced it has entered into an amended and restated asset purchase and contribution agreement with an affiliate of SK Capital Partners for the sale of its Antioxidant and UV Stabilizers business for $200 million. The terms now provide for approximately $97 million of cash payable at closing, the receipt of $9 million in preferred stock and the assumption of pension, environmental and other liabilities totaling approximately $93 million. The purchase price is subject to a post-closing net working capital adjustment. The transaction remains subject to customary closing conditions and is expected to close in the first quarter of 2013. SK Capital is an investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. Full Article
Chemtura Corp Announces Joint Development Agreement With Caterpillar Inc For Duracast Technology Application
Chemtura Corp announced it has entered into a joint development agreement with Caterpillar Inc for applications of Chemtura’s Duracast hot-cast urethane pre-polymer technology for construction and mining equipment. The joint development agreement focuses on several applications in construction and mining equipment where urethanes have not previously been used, with the objective of providing value through productivity and efficiency gains. Initial products to be jointly developed include non-pneumatic tires for certain Cat machines. Prototype development is under way with field evaluation expected to begin by early 2013. Full Article
Chemtura Corp Announces Agreement To Sell Antioxidant And UV Stabilizers Business For $200 Million To SK Capital Partners
Chemtura Corp announced it has entered into an asset purchase agreement to sell its Antioxidant and UV Stabilizers business, including dedicated manufacturing plants in the U.S, France, and Germany, to an affiliate of SK Capital Partners, for $200 million and the assumption of certain liabilities. The purchase price is subject to a post-closing net working capital adjustment. The transaction is subject to customary closing conditions. Proceeds from the sale will be used for repayment of debt and investment in Chemtura`s continued growth. The transaction is expected to close by the end of 2012 or in early 2013. Full Article
Chemtura Corp Acquires Bromine Assets Of Solaris Chemtech For $142 Million-Business Standard
Business Standard reported that Chemtura Corp had entered into an agreement to acquire the Bromine assets of Solaris ChemTech Industries Ltd (SCIL) in a $142 million deal. SCIL, a part of the Gautam Thapar-led $4 billion Avantha Group, is India’s manufacturer of Bromine and its derivatives. The deal would help Chemtura further spread its presence in a market they had targeted for profitable growth, a statement issued by Chemtura read. The acquisition includes two manufacturing facilities, a Research & Development (R&D) centre in Gujarat. The acquired assets will form a part of Chemtura’s business to provides Bromine and Phosphorus flame retardants. Full Article
Chemtura Corp Announces To Acquire Bromine Assets Of Solaris ChemTech Industries Ltd.
Chemtura Corp announced that it has entered into a definitive agreement to acquire the bromine assets of Solaris ChemTech Industries Limited (Solaris ChemTech or SCIL) . The acquired business will become an integral part of Chemtur’s Great Lakes Solutions business. The Bromine and Bromine Chemicals division of Solaris ChemTech was established in the mid-1990s and has grown to be India’s premier manufacturer of bromine. The acquisition includes two manufacturing facilities, a well-established R&D center and a multi-products facility in the State of Gujarat. The new subsidiary will be headquartered in New Delhi. Terms of the transaction were not disclosed. Full Article
Chemtura Corp Announces Plan To Exercise Accordion Feature Of Its Senior Secured Term Loan Facility
Chemtura Corp announced that it will commence a process to exercise the accordion feature under the Company's existing senior secured credit agreement to raise an aggregate principal amount of up to $125 million, for the purpose of funding potential “bolt-on” investment opportunities and for general corporate purposes. BofA Merrill Lynch, Citi and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners for the transaction. Full Article
Chemtura Corp Announces Cross-Listing on NYSE Euronext in Paris
Chemtura Corp, a United States global specialty chemicals company, announced its Fast Path cross-listing on NYSE Euronext in Paris. Chemtura Corporation is the first NYSE-listed company in 2012 to take advantage of this streamlined and cost-effective process and the fourteenth to do so since the facility was made available by NYSE Euronext in 2008. Full Article
Chemtura Corp Reaffirms FY 2012 Guidance-Conference Call
Chemtura Corp announced that for fiscal 2012, it expects to achieve its objective of step change growth in both revenue and profitability. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $3.124 billion and net profit of $138 million for fiscal 2012. Full Article
Chemtura Corp Announces Share Repurchase Program
Chemtura Corp announced that the Board of Directors has authorized us to invest up to $50 million in the repurchase of shares of common stock over the next twelve months. The shares are expected to be repurchased from time to time through open market purchases. Full Article
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