Chemtura Will Sell PVC Additives

Chemtura, in bankruptcy reorganization since last March, has secured a “stalking horse” bid from private equity firm SK Capital to buy its polyvinyl chloride additives business for $34 million. The bid is subject to a court-authorized auction in February and could be scuttled by a higher bid. The PVC additives business had revenues of $374 million in 2008 and $177 million for the first nine months of 2009 from products such as tin stabilizers, mixed metals, and phosphate esters. According to court documents, Chemtura has been looking for a buyer for the business since May and initially contacted 83 strategic and financial buyers. SK bought Solutia’s nylon business last year (C&EN, April 6, 2009, page 16).