Chemtura said Friday it signed a letter of intent to sell its EPDM and Rubber Chemicals businesses associated with Geismar, Louisiana, as well as Flexzone antiozonants worldwide.The buyer was not named and terms have been disclosed.
The specialty chemicals manufacturer said in a statement that the parties are working towards a definitive agreement and the deal is expected to be signed by the end of the year. The transaction is subject to regulatory approvals. Proceeds from the sale will be used primarily for debt reduction.
The EPDM and Rubber Chemicals businesses being sold had revenues for the twelve months ended Sept. 30, 2006, of approximately $300 million.