Chemtura to sell EPDM, Rubber businesses to reduce debt
Specialty chemical manufacturer Chemtura Corp. said it has agreed to sell its EPDM unit and the Rubber Chemicals businesses associated with its Geismar, La. plant, as well as Flexzone antizonants worldwide, for an undisclosed sum, the Associated Press reports. The buyer was not named. The parties expect to reach a definitive agreement by the end of the year. Chemtura said it will use proceeds from the sale primarily to pay down debt. Combined revenue for EPDM and Rubber Chemicals in 2006 was $300 million. EPDM is a type of synthetic rubber used in automotive, construction and mechanical goods applications. Rubber Chemicals makes rubber additives used in rubber products, such as tires and elastic bands.