Chinese firms express interest in Chemtura assets

U.S.-based specialty chemical company Chemtura Corp.’s assets are being examined by several Chinese companies, as it said on February 11 that it was selling some of its assets to cover a debt worth close to US$370 million, which is due on July 15, 2009. Chemtura declared bankruptcy in mid-March. Media reports said that several Chinese companies have expressed interest in Chemtura’s assets, including China Petroleum and Chemical Corp. (Sinopec), China National Chemical Corp. and Sinochem International Co. Other companies which have expressed interest in Chemtura’s assets are said to be Japan’s Mitsui Chemicals Inc. and Sumitomo Chemical Co., as well as Australian firm Nufarm Ltd. (February 16/23, 2009)