Chemours announces sale of its sulfur products business
The Chemours Co. has signed a definitive agreement to sell the assets of its sulfur products business to Veolia North America for $325 million in cash. The company anticipates closing the transaction within the second half of 2016.
“Today marks the completion of our chemical solutions portfolio review — a key milestone in our five-point transformation plan,” said CEO Mark Vergnano. “In less than one year, we sold our aniline facility in Beaumont, Texas; began cost improvement efforts in our methylamines business in Belle, W.Va.; began shutdown of our reactive metals business in Niagara Falls, N.Y.; and announced the sale of our clean and disinfect and sulfur businesses. Once complete, we will have a lower capital-intensive and streamlined chemical solutions portfolio that includes our growing cyanides business. The total gross proceeds from the three divestitures will be approximately $700 million, providing strategic flexibility as Chemours completes its transformation plan.”
Sulfur products, with approximately $250 million in revenue, provides sulfuric acid products and services to industries in North America. It is a leading provider of spent acid regeneration and sulfur gas recovery services, non-fuming sulfuric acid and higher value sulfur derivatives. The business is supported by 240 employees at seven North American production sites.