Arch Chemicals completes divestment of its 50 percent share in Planar Solutions CMP joint venture
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Arch Chemicals, Inc. reported completion of the previously announced divestiture of its 50 percent share in Planar Solutions to FUJIFILM Electronic Materials U.S.A., Inc., a U.S. subsidiary of Fuji Photo Film Co., Ltd., for approximately $17 million, consisting of $10 million in cash and the assumption of approximately $7 million of guarantees of the joint venture's debt.
Planar Solutions, a joint venture with Wacker Chemical Corporation for the production of chemical mechanical planarization (CMP) slurries sold to semiconductor manufacturers, has manufacturing and customer-support facilities in Adrian, Michigan, and Mesa, Arizona.
The Company expects to record a pretax gain of approximately $10 million on this transaction. The Company reported equity in earnings of $0.5 million for the nine months ended September 30, 2005 for its share in Planar Solutions.