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Chemours to sell 'Clean and Disinfect' business to Lanxess
The Chemours Company has signed a definitive agreement to sell the Disinfectants, Oxone and Chlorine Dioxide business lines (Clean and Disinfect business) of its Chemical Solutions segment to speciality chemicals group Lanxess for $230 million in cash. The company anticipates closing the transaction within the second half of 2016, subject to customary closing conditions and regulatory approvals.
The Clean and Disinfect Business, with approximately $110 million in combined revenue, is a set of leading oxidation chemistry businesses focused on providing innovative cleaning and disinfection solutions for a wide range of industrial, consumer, animal and human health applications. The product portfolio is organised into three primary categories: Disinfectants, Oxone and Chlorine Dioxide. Chemours will retain the Glycolic Acid business, based in West Virginia, US, which was historically part of the Clean and Disinfect business.
"Today marks another important step in our five-point transformation plan," says Mark Vergnano, Chemours president and CEO. "This agreement, along with the recent sale of our Beaumont aniline facility, illustrates the significant progress we are making to streamline our portfolio and improve our liquidity position."
28th April 2016