CUYAHOGA FALLS, Ohio—Two separate transactions are in the works involving three companies that will lead to the sale of two of Emerald Performance Materials L.L.C.'s four business groups.
Emerald plans to sell its Specialties and Polymer Additives & Nitriles business groups to DyStar L.P., the U.S.-based subsidiary of DyStar Global Holdings Pte. Ltd., headquartered in Singapore. Four production plants and a portion of a fifth are part of the sale.
In a separate deal, DyStar said Jiangsu Sinorgchem Technology Co. Ltd. will acquire the Polymer Additives & Nitriles business. Jiangsu Sinorgchem is a subsidiary of Sinochem Group, a state-owned Chinese firm with core businesses in the energy, agriculture, chemicals, real estate and financial services sectors.
A producer of specialty chemicals for a broad range of food and industrial applications, Emerald said the sale of the businesses to DyStar, which is subject to regulatory approvals, is expected to close in the third quarter.
Financial details were not disclosed by the companies, nor did they say how many employees will be impacted by the acquisitions. Officials at Emerald and DyStar said further details would not be released until after the sale closes.
Cuyahoga Falls-based Emerald, which currently employs about 800, did not say why it is selling the two businesses.
Once the first transaction is finalized, the number of business groups operating within Emerald will be cut in half, a company official said. CVC Specialty Chemicals and Kalama Chemical are the two that will remain.
CVC Specialty Chemicals is a maker of specialty epoxy resins, elastomer modified epoxy resins, reactive liquid polymers, epoxy functional monomers and modifers, catalysts and accelerators. Kalama Chemical, Emerald's largest group, focuses on toluene oxidation chemistry, producing ingredients for a variety of applications.
Those business groups operate plants in Kalama, Wash.; Rotterdam, Netherlands; Morristown, N.J.; and Akron.