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February 2010
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Indian buyer for Chemtura’s additives business
Indian companies are beginning to make headlines as Artek Aterian, which is part of Indian chemical company Artek Surfin Chemicals and US-based Aterian Investment Partners, has emerged as the buyer of Chemtura’s PVC additives business.

The bid is worth about US$18.2 million more to creditors compared to the offer made by stalking horse bidder SK Capital Partners, which Chemtura received in December. The sale requires Artek Aterian to take on some environmental liabilities and allows Chemtura to keep some of its product lines.

In its bankruptcy filing last March, Chemtura stated that it had assets worth US$3.06 billion and a debt of US$2.6 billion. Its PVC additives business, which makes tin stabilisers, liquid and solid mixed metals, liquid phosphite esters, epoxidised soybean oil, thiochemicals, organic-based stabilisers and impact modifiers, had a turnover of US$177 million for the first nine months of 2009.

Aterian Investment Partners is a private capital firm that invests in small to middle market companies that are financially or operationally constrained while Artek Surfin specialises in metal refinishing.

 
 
 
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