Chemours to sell sulfur products to Veolia

The Chemours Co. has signed a definitive agreement to sell the assets which comprise its Sulfur Products business, part of its Chemical Solutions segment, to Veolia North America for US$325 million in cash. Closing of the transaction is expected within 2H16.

“Today marks the completion of our Chemical Solutions portfolio review—a key milestone in our five-point transformation plan,” said Mark Vergnano, Chemours President and CEO. “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 US$700 million, providing strategic flexibility as Chemours completes its transformation plan."

Read the article online at: https://www.worldfertilizer.com/sulfur/02062016/chemours-to-sell-sulfur-products-to-veolia/