HARTFORD, Conn. (AP) -- Two private equity firms are in talks to acquire specialty-chemicals company Chemtura Corp., a person familiar with the situation says.
Blackstone Group LP and Apollo Management LP are considering acquiring the Middlebury-based manufacturer of plastic additives and flame-retardant materials, said the person who spoke on condition of anonymity.
Talks to buy Chemtura were first reported by the Financial Times.
Chemtura announced in December it is considering strategic alternatives that could include divestitures, acquisitions or a sale, merger or other business combination.
Chemtura spokeswoman Debra Durbin says the company will issue a news release when it completes its review of strategic alternatives. A spokesman for Apollo would not comment.
Shares of Chemtura rose to $8.42, up 62 cents, or nearly 8 percent, in late-morning trading.