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Chemours Inks $325M Deal to Sell Sulfur Products to Veolia
The Chemours Company (CC - Free Report) has cut a definitive deal to divest its Sulfur Products business, which is part of its Chemical Solutions segment, to Veolia North America for $325 million in cash. The transaction is expected to close within the second half of 2016, provided it meets the customary closing conditions and receives the requisite regulatory approvals.
Sulfur Products, is a leading provider of spent acid regeneration (SAR) and sulfur gas recovery (SGR) services, non-fuming sulfuric acid and higher value sulfur derivatives (HVSDs). There are about 240 employees supporting Sulfur Products mainly located at 7 production sites in North America.
Chemours implemented a five-point transformation plan for the Chemical Solutions portfolio and the deal marks an end of the Chemical Solutions portfolio review. Within a year, the company sold its aniline facility in Beaumont, TX to The Dow Chemical Company (DOW - Free Report) for roughly $140 million in cash.
As part of this deal, Chemours has also cut an agreement to meet Dow's additional aniline requirements with supply from its Pascagoula, MS plant. It will also continue to cater other aniline customers from its Pascagoula unit. The divestment reflects another step in the company’s five-point transformation plan which will allow it to focus more on businesses that have robust market opportunities.
Chemours also started cost-improvement efforts in its Methylamines business in Belle, WV, initiated closure of its Reactive Metals Business in Niagara Falls, NY, and announced the divestiture of its Clean and Disinfect and Sulfur businesses. All these will result in gross proceeds of about $700 million, providing strategic flexibility as the company completes its transformation plan.
Chemours is a leading producer of the widely-used white pigment – titanium dioxide (TiO2). It started "regular-way" trading on the NYSE as an independent company on Jul 1, 2015 after being spun off from DuPont (DD - Free Report) .
CHEMOURS COMPNY Price
CHEMOURS COMPNY Price | CHEMOURS COMPNY Quote
Chemours is a Zacks Rank #3 (Hold) stock.
Another Better-ranked stock in the chemical space includes Albemarle (ALB - Free Report) sporting a Zacks Rank#1 (Strong Buy).
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