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Mergers & Acquisitions
Chemours sells methylamine business
Unit slated for shutdown gets a reprieve
by Marc S. Reisch
December 24, 2019
The Chemours methylamine unit slated to shut down on Dec. 31 has a new lease on life.
Belle Chemical, an affiliate of Waggaman, Louisiana–based Cornerstone Chemical, plans to take over the methylamine business and is expected to retain the 57 employees attached to the unit. Financial details were not available.
Methylamines are used in products including pesticides, fuel additives, and electronic chemicals. Chemours planned to shutter the unit—which is located in West Virginia—several years ago, but instead decided it would try to improve the unit’s profitability. After a “thorough review” in September, Chemours decided to throw in the towel and end production.
The Cornerstone Chemical affiliate intends to complete the transaction on or about the last day of the year. Private equity firm Littlejohn & Co. owns Cornerstone, the former basic chemical business of Cytec Industries. Cornerstone makes melamine, acrylonitrile, urea, and sulfuric acid.
Other methylamine makers include BASF and Eastman Chemical, which bought methylamine expert Taminco for $2.8 billion in 2014.
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