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Business

Distressed Chemical Maker Acquired

by Marc S. Reisch
September 28, 2015 | APPEARED IN VOLUME 93, ISSUE 38

Houston-based Altivia Petrochemicals has agreed to acquire the assets of Haverhill Chemicals, an Ohio-based producer of phenol, acetone, and bisphenol A once owned by Sunoco. Haverhill declared bankruptcy on Sept. 19. Haverhill, bought by Gordia Capital for $107 million in 2011, has been under pressure since April 2014 when an employee was fatally injured at its Haverhill, Ohio, plant. OSHA cited the firm for 21 serious violations, many of which were process-safety related. Gordia shut down the plant in June, affecting about 200 workers. Altivia, which makes phosgene derivatives and water treatment chemicals, says the acquisition will allow it to become a commodity supplier to resin, paint, and pharmaceutical makers.

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