The Chemours Company, a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, announced today that it completed the sale of its Clean and Disinfect business—part of its Chemical Solutions segment—to LANXESS for approximately $230 million in cash on August 31, 2016.
“Today’s announcement is another illustration of the successful execution of our five-point transformation plan,” said Mark Vergnano, Chemours president and CEO. “In just one year, we completed the sale of our aniline facility as well as the sale of our Sulfur Products and Clean and Disinfect businesses. These actions have generated approximately $695 million of total gross proceeds, reflecting a 10-to-12 times EBITDA multiple on those divestitures.”
The Clean and Disinfect Business, with approximately $110 million in combined revenue, is a set of leading oxidation chemistry businesses focused on providing innovative cleaning and disinfection solutions for a wide range of industrial, consumer, animal and human health applications. The product portfolio is organized into three primary categories: Disinfectants, Oxone® and Chlorine Dioxide.
Source: The Chemours Company
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.