01 May 2013 16:47 [Source: ICIS news]
HOUSTON (ICIS)--Investment firm SK Capital has rebranded and launched the antioxidant and UV stabiliser business that it acquired from US specialty chemicals firm Chemtura as "Addivant", it said on Wednesday.
Earlier on Wednesday, Chemtura said that it completed the $200m (€152m) sale of the business - including plants in the US, France and Germany - to SK.
Addivant will operate as an independent portfolio company of SK Capital, SK said.
It will be headed by Peter Smith as CEO and president. Smith is a former Chemtura executive and general manager of the antioxidant and UV stabiliser business unit since 2009.
"With its unique pedigree resulting from the merger of three leading polymer additives companies, we believe the business is an attractive platform with significant growth and performance improvement potential," said Barry Siadat, a managing director of SK Capital and chairman of Addivant.
"The transition from a non-core business within a large public company to a stand-alone organisation will enable improved execution and a renewed emphasis on growth," Siadat added.
Addivant will be headquartered in Connecticut. It will have 11 plants and nine technology and application testing centres worldwide.($1 = €0.76)
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