/PRNewswire/ – ALTIVIA today announced that it has signed a definitive agreement to acquire the Specialty Phosgene Derivatives business’ assets from Axiall Corporation (NYSE: AXLL). The transaction includes Axiall’s chemical production facilities located in La Porte, Texas. As part of the acquisition, ALTIVIA will hire the 120 employees who operate the facility.
The La Porte chemical plant is the largest North American production facility of merchant phosgene derivatives, including chloroformates and acid chlorides, which are products utilized in agricultural, pharmaceutical and industrial applications.
The La Porte facility also includes several trains of specialized reactors to conduct continuous as well as batch reactions, utilizing on site produced phosgene.
“This acquisition creates sufficient scale to enable ALTIVIA to compete globally,” said ALTIVIA Chief Executive Officer J. Michael Jusbasche. “We now have state of the art facilities with an excellent safety record and an experienced research and development team that will enable us to produce new products for specialized applications.”
“As we refine our portfolio, we are pleased to reach an agreement with ALTIVIA, where we believe our phosgene business will be a better strategic fit,” said Axiall President and CEO Paul Carrico. “Axiall will provide transition services to ALTIVIA to help its experienced management team achieve a smooth assumption of the business.”
Source: ALTIVIA
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