MIDDLEBURY, Conn. (Feb. 6) — Lion Copolymer L.L.C. is one step closer to owning Chemtura Corp.'s EPDM, rubber chemicals and Flexzone antiozonant businesses after signing an asset purchase agreement.
Chemtura announced in November its intention to sell its Geismar, La., plant and the businesses, subject to a definitive agreement. The firms expect the deal to close by the end of the first quarter, subject to regulatory approval, financing and a comprehensive financial audit.
Lion also will acquire Chemtura's interest in Chemtura-CNCCC Danyang Chemical Co. Ltd., assuming government approval is forthcoming and the sale completed, Chemtura said. Lion would take complete responsibility for the company, including operating its Danyang, China, rubber chemicals plant.
Chemtura said about 190 employees at the Geismar and Danyang facilities will transfer to Lion, along with another 25 sales, marketing and research and development personnel.
Middlebury-based Chemtura said it will continue to produce other rubber chemicals at plants throughout the world, and market them through its existing sales and distribution network and marketing agreements.
Lion Copolymer is owned by Lion Chemical Capital L.L.C.