Vertellus Specialties Inc., an Indianapolis-based specialty chemicals company, has filed for Chapter 11 bankruptcy protection for its U.S. operations. The company stated that it will be able to maintain its “normal course operations” while it transitions through a sale of its assets to mortgage lenders for about $454 million.
Vertellus is a diversified company that sells about 750 chemicals for several industries including pharmaceuticals, nutrition, medical, personal care, coatings and other industrial markets. The company is also the biggest global manufacturer of pyridine and picolines for the agriculture industry.
“After evaluating a range of options to address the competitive and macroeconomic challenges facing our agriculture and nutrition business and the corresponding impact on our company’s overall financial performance, it became clear that a sale of the company through the Chapter 11 process was the best, most efficient means of creating a sustainable financial structure for our company,’ Richard Preziotti, Vertellus’ president and chief executive, said.
The company has 17 locations around the world including entities in Europe, the UK, India and China. Vertellus employs about 1,000 people worldwide, and the company said all employees will continue to be paid as usual.
The sale of Vertellus’ assets is expected to be completed by November.