MIDDLEBURY, Conn. (March 1) — Chemtura Corp. has sold its Witcothane business to Elastogran GmbH.
The business is focused on globally supplying polyurethane systems for the footwear industry. Included in the acquisition are PESOL products and Chemtura´s European polyester polyol Fomrez product line.
Chemtura´s global Adiprene and Vibrathane urethanes business and the North American-based Fomrez polyester polyol business are not included in the sale and are not impacted in any way.
"The urethanes business unit continues to be a cornerstone within the Performance Specialties Division," said Chemtura Vice President Janet Mann. "Our efforts have been and will continue to be focused on growing the strategic Adiprene and Vibrathane urethane and the North American-based Fomrez polyester polyol business. The sale of the Witcothane business frees resources which will be reallocated into our strategic businesses including Chemtura´s urethane business."
The sales agreement has been signed by both parties, who have agreed to keep the sales price confidential. The transaction has been approved by regulatory authorities.