Chemtura, a manufacturer of specialty chemicals, pool, home and spa care products, will be acquiring the bromine division of the Indian company, Solaris ChemTech Industries.
The acquisition is subject to standard closing conditions. The two parties to the transaction expect the acquisition to be completed by the end of 2012.
Solaris ChemTech Industries is one of India’s leading producers of bromine and bromine-related derivatives. This division was set up in the mid 1990s. Since inception, the Bromine and Bromine Chemicals Division has grown to include a reputable research and development facility, two manufacturing plants and one multiple product facility in Gujarat. All the facilities are part of the acquisition. The new entity will have its headquarters at New Delhi and will be a part of the Great Lakes Solutions division of Chemtura.
The work being carried out by Solaris ChemTech as part of its Corporate Social Responsibility will be taken over by Chemtura which will build on it with its own initiatives towards sustainability and responsible care practices.
Craig A. Rogerson, Chairman, President and Chief Executive Officer at Chemtura, stated that the acquisition will consolidate Chemtura’s position in the bromine market and that Chemtura’s technology will be applied to bring about improvement in efficiency and productivity.
Anne Noonan, Vice President of Strategic Business Development at Chemtura and President of Great Lakes Solutions, expressed excitement at bringing the new Indian team onboard with Chemtura and Great Lakes Solutions and stated that the acquisition was in line with Chemtura’s strategy with respect to electronics, transportation, agriculture and energy markets.
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