Cornerstone Chemical changes hands | July 31, 2017 Issue - Vol. 95 Issue 31 | Chemical & Engineering News
Volume 95 Issue 31 | p. 16 | Concentrates
Issue Date: July 31, 2017

Cornerstone Chemical changes hands

Department: Business
Keywords: Mergers & acquisitions, basic chemicals, ammonia

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.

 
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