Middlebury-based Chemtura Corp., a manufacturer of specialty chemicals, announced today that it has reached an agreement to sell its global oleochemicals business to PMC Group NA Inc.
Included in the transaction is Chemtura’s production facility at Memphis, Tenn. Proceeds from the sale will reportedly be used for debt reduction. In 2007, the oleochemicals business had revenues of approximately $175 million.
Financial terms of the deal were not disclosed. The transaction is expected to close by the end of the first quarter.
