ELEMENTIS PLC - Elementis announces sale of US colourants business
March 20 2017 - 9:02AM
PR Newswire (US)
20th March 2017
Elementis – Sale of US colourants business to
Chromaflo
Elementis plc (ELM.L) ("Elementis"), the Global Specialty Chemicals
Company, today announces that it has reached an agreement to sell
its US colourants business to Chromaflo Technologies Corp for an
undisclosed cash consideration. The transaction is not subject to
any regulatory approval and closed simultaneously on signing on
17th March 2017.
Following a review of Elementis’ operating assets and product
portfolio, it was decided that the colourants business was non-core
and that the optimal course of action was divestment of the
business and subsequent closure of the Jersey City production
facility in New Jersey, US, where the products for that business
are produced.
Commenting on the transaction CEO, Paul Waterman, said:
"We said at the Capital Markets day in November 2016 that we would focus on fewer, more
material opportunities to reignite growth at Elementis. The sale of
our non-core US colourants business and closure of the Jersey City
site demonstrates that focus and supports our strategy to focus on
key growth areas. It also represents an important step in our
supply chain transformation. The Jersey City site will now undergo
preparation for closure and we expect it will be put up for sale in
the future."
ENDS
Enquiries:
Elementis |
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+ 44 (0) 207 067
2999 |
Paul
Waterman, CEO
Ralph Hewins, CFO |
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FTI Consulting |
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Deborah Scott |
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Matthew Cole |
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