Home / Knowledge / News / Textiles / FMC sells Alkali Chemicals business to Tronox for $1.64bn
FMC sells Alkali Chemicals business to Tronox for $1.64bn
09
Feb '15
NYSE listed, FMC Corporation said it has signed a definitive agreement to sell its Alkali Chemicals business to Tronox Limited.

In September 2014, FMC announced it was acquiring multinational agrochemical maker Cheminova A/S and would divest the Alkali Chemicals business to reduce debt related to its pending acquisition.

The Alkali Chemicals business is the largest global producer of natural soda ash with its mining and processing facilities located in Green River, Wyo.

Alkali Chemicals' products are used in glass manufacturing, water treatment, pulp and paper, textiles, food and pharmaceutical and cosmetics.

"We are very pleased to sell our Alkali Chemicals business to a leading, global mining and minerals company like Tronox," said Pierre Brondeau, president of FMC.

“This transaction allows FMC to maintain a strong balance sheet as our company focuses on global agriculture, health and nutrition with a portfolio that concentrates on high-growth markets," he added.

"With its industry-leading position in markets complementary to ours, the Alkali Chemicals business brings consistently strong operational and financial performance," said Tom Casey, CEO of Tronox.

He too added, “Together, we will form a leading inorganic chemicals company with around $2.6 billion in sales with the scale, stability and financial strength to continue to pursue our strategic growth initiatives."

The transaction, which is valued at $1.64 billion, is expected to close in the first quarter of 2015, subject to customary regulatory approvals and closing conditions.

BofA Merrill Lynch and Goldman, Sachs & Co. were FMC's financial advisors, while Wachtell, Lipton, Rosen & Katz and Morgan Lewis & Bockius LLP served as FMC's legal advisors for this transaction.

FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products.

In 2013, FMC had annual sales of approximately $3.9 billion and employs approximately 6,000 people throughout the world.

Tronox is a global leader in the production and marketing of mineral sands, titanium dioxide pigment and electrolytic products.

Through the integration of its pigment and mineral sands businesses, the company provides its customers a dependable supply of brightening solutions for a variety of end uses. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search