17 August 2009 22:01 [Source: ICIS news]
“The books on that business went out in the past week or so,” said the investment banker, referring to the documents on a company for sale available to potential buyers.
“Other business may be coming afterwards, but so far it’s just the PVC additives business. Lazard is managing the sale,” he added.
Chemtura filed for Chapter 11 bankruptcy protection on 18 March after failing to find buyers for its crop protection and petroleum additives businesses.
“The PVC additives business has revenues of around $200m-300m/year (€140m-210m)," said the source.
The business is part of Chemtura’s industrial engineered products segment, which saw sales fall 42% year on year to $136m in the second quarter. The segment posted an operating loss of $11m, compared with a profit of $25m in the year-ago period.
Chemtura took an impairment charge in the second quarter related to the PVC additives business.
Neither Chemtura nor Lazard could be reached for comment.
($1 = €0.70)
To discuss issues facing the chemical industry go to ICIS connect
Bookmark Paul Hodges’ Chemicals and the Economy Blog
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections