SK Buys One Business, Fights For Another

The private equity firm SK Capital Partners will acquire Chemtura’s antioxidant and UV light stabilizers business for $200 million. The firm expects to complete the purchase of the business, which had sales of $390 million in the 12 months ending Sept. 30, by early 2013. Barry Siadat, SK’s managing director, says the growth of the polymers industry, where the additives are used, “presents a substantial opportunity.” Separately, SK’s bid to acquire TPC Group, a maker of C₄ chemicals, has been trumped by an offer from the specialty chemical maker Innospec. SK and partner First Reserve originally bid $40.00 per share for TPC and then raised their bid to $45.00 after an Innospec counteroffer. Innospec is now raising its offer to $47.50. TPC says it will resume negotiations with Innospec.