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Chemours Sells Methylamines Business

Friday, January 17, 2020

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Chemical solutions company Chemours has recently announced its methylamines business has been acquired by Belle Chemical, an affiliate of Cornerstone Chemical.

The decision to enter the definitive purchase agreement happened last month, however, the transaction officially took effect on Jan. 1.

Cecilie_Arcurs / Getty Images

Chemical solutions company Chemours has recently announced its methylamines business has been acquired by Belle Chemical, an affiliate of Cornerstone Chemical.

“The unique nature of how this transaction began meant a tremendous amount of resources were required in a short period of time in order to reach a successful outcome. In Cornerstone, Chemours was able to find an excellent home for this business going forward,” said Jon Glapa of Grace Matthews—the investment bank hired to advise the evaluation of transaction inquiries and processes for the successful transition of the business.

The news comes just months after Chemours stated that it would stop producing methylamines at its plant in Belle, West Virginia, an endeavor that resulted in laying off 57 employees. Prior to the halt in production, the company would manufacture methylamines which would be used in a variety of applications in the agricultural, oil and gas, electronics and personal care industries, among others.

According to Chemours, the decision to sell the business was “driven by the rising costs of importing feedstocks such as methanol and ammonia along with the company’s wish to exit the business.”

Financials regarding the acqusition have not been disclosed.

   

Tagged categories: Acquisitions; Asia Pacific; Business management; Business matters; Business operations; Construction chemicals; EMEA (Europe, Middle East and Africa); Latin America; North America; Program/Project Management; Z-Continents

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