Chemours sells business, shuffles management

To better focus on core businesses such as fluorinated chemicals and titanium dioxide, Chemours has agreed to sell its glycolic acid business to the private equity firm Iron Path Capital for $137 million. While the company doesn’t break out sales for glycolic acid specifically, the business segment that houses the glycolic acid unit generated revenues of $116 million in 2022. Iron Path has founded the firm PureTech Scientific to run the business. Separately, Chemours has seen three top executives depart in the past 3 months. Chief Financial Officer Sameer Ralhan is leaving the company June 19; he is being replaced by Jonathan Lock, senior vice president and chief development officer, who joined Chemours in 2018. Alisha Bellezza, president of thermal and specialized solutions, resigned in May. And Edwin Sparks, president of titanium technologies and chemical solutions, left the firm at the end of March to lead W. R. Grace. Chemours CEO Mark E. Newman rose to his current position in 2021 after being the firm’s chief financial officer and chief operating officer.