03 May 2013 16:10 [Source: ICIS news]
HOUSTON (ICIS)--Chemtura has not yet been able to complete its deal to acquire the bromine assets of India’s Solaris ChemTech, the CEO of the US-based specialty chemicals firm said on Friday.
Chemtura had announced the deal in September 2012, saying at the time it expected completion by end of 2012.
Chemtura CEO Craig Rogerson said that the delay was due to the bureaucratic process of obtaining approvals for land lease transfers from authorities in India’s Gujarat state.
"We are okay if we get [completion] by early third quarter, relative to our timing on expanding some of the capacity there for bromine," Rogerson told analysts during Chemtura’s 2013 first-quarter results conference call.
"From my perspective, [the delay] is irritating but not really harmful to our overall plan," he said.
However, should completion be delayed to late in the 2013 third quarter, "it could be troublesome", he added.
The Solaris bromine assets are expected to further strengthen Chemtura’s bromine position, providing its customers with increased security of supply.
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