Chemtura divests EPDM business

The widely diversified Chemtura Corporation, based in Middlebury, Conn., U.S.A., has announced the completion of the sale of its EPDM (Ethylene-Propylene-Diene-Monomer) chemicals business comprising the Celogen foaming agents associated with the rubber industry. The divestiture, which is a part of the companys restructuring initiative, reported sales of US$3.7 billion in 2006. Also included is the sale of its manufacturing facility at Geismar, Louisiana, an affiliate of Lion Chemical Capital, Lion Copolymer, LLC. The proceeds of the sale are being used to reduce debt that was incurred to fund the recent acquisition of specialty lubricant producer Kaufman Holdings. Substantially all of the 195 employees affected by the transaction are expected to be transferred to the purchaser or one of their agents. (July 2, 2007)