The Chemours Company 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.