SHANGHAI, Mar. 4 -- Artek Surfin Chemicals, one of India's leading specialty chemicals companies, and US private equity firm Aterian Investment Partners have jointly agreed to purchase the PVC additives business of Chemtura Corporation. The business, which generated 2008 revenues of $374 million, is a leading global producer of additives for numerous PVC and other polymer applications, many of which are tin-based. It has production facilities in Taft, Louisiana and Lampertheim, Germany, with over 250 employees worldwide. Chemtura had total 2008 sales of US$3.5 billion.
In a statement Vishal Goenka, Director of Artek Surfin Chemicals said "we are very pleased in the manner in which the deal has proceeded so far. We see significant synergies in leveraging our manufacturing expertise and market channels with those of the North American and European operations. Additionally, this deal enhances our ability to service the fast-growing PVC and polymer markets in Asia and expand our product offering globally."
Chemtura's US operations are currently under Chapter 11 protection and the sale was made under an auction process approved by the United States Bankruptcy Court. The original lead bidder for the business was another New York private equity company, SK Capital.