Cornerstone Chemical changes hands

Littlejohn & Co. has reached a deal to buy Cornerstone Chemical, the former basic chemicals business of Cytec Industries, from another private equity firm, H.I.G. Capital. Located in Waggaman, La., Cornerstone makes melamine, acrylonitrile, sulfuric acid, and other chemicals. H.I.G acquired the business in 2011. Credit rating agency Moody’s says Cornerstone has a good track record and benefits from the recent start-up of a Dyno Nobel ammonia plant on its site. But Cornerstone “will be pressured to find new growth opportunities in the medium term,” Moody’s says.