MIDDLEBURY, Conn. (AP) — Specialty chemicals company Chemtura Corp. completed the sales of its oleochemicals business to PMC Group NA Inc., the two companies confirmed in separate statements Monday.
Terms of the deal, which was first announced in January, were not disclosed. Chemtura said it will use proceeds to lower debt.
The oleochemicals division, which produces chemicals made from biological oils or fats, had sales of about $175 million last year.
The transaction, which includes a production plant in Memphis, Tenn., is expected to close by the end of the first quarter. The plant's 260 workers are expected to transfer to PMC, according to Chemtura.
