Chemtura Completes Divestiture of EPDM Business
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Chemtura Corporation announced the completion of the sale of its EPDM business, the Celogen(R) foaming agents associated with the rubber industry, and its Geismar, Louisiana facility to an affiliate of Lion Chemical Capital, Lion Copolymer, LLC. Chemtura will account for the transaction in its second quarter financial results. Proceeds are being used to reduce debt that was incurred to fund the recent acquisition of specialty lubricant producer Kaufman Holdings.
Substantially all of the 195 employees affected by the transaction are expected to transfer to the purchaser or one of their agents. Revenue for 2006 of the businesses being sold were approximately $185 million.
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