Chemtura Corp. said Friday that Lion Chemical Capital is the potential buyer of the company's EPDM business and the Rubber Chemicals businesses associated with Geismar, Louisiana as well as Flexzone antiozonants worldwide.
Lion is a private equity firm focused on investing in businesses operating in the chemical and related industries.
The letter of intent was signed and announced Nov. 2, but Lion hadn't been named as the would-be buyer. The companies expect a definitive agreement will be completed by year-end.
Chemtura is selling EPDM and Rubber Chemicals in order to focus more intently on its core businesses. Lion plans to merge the two businesses into its existing Lion Copolymer business, located in Baton Rouge, La. Lion Copolymer is a manufacturer and marketer of synthetic rubber.
The EPDM and Rubber Chemicals businesses being sold had revenues for the twelve months ended Sept. 30, 2006, of about $300 million.