Chemtura hives off stake in extruder maker

07-Nov-06

In line with the group's strategy of focusing on core businesses, polymer additives major Chemtura has disposed off its majority shareholding in extruder manufacturer Davis-Standard to the present joint owner of the business, Hamilton Robinson. The sale amount totals US$72 mln and an additional US$8 mln subject to post completion. Proceeds from the sale will go towards strengthening of Chemtura's specialty chemicals business as well as reduce debt at the group, formed from the merger of Crompton and Great Lakes Chemical. Davis-Standard turned is a leading supplier of extrusion systems, with a range of subsidiaries including screw and barrel specialist D-S Brookes in the UK and die and feedblock maker Er-We-Pa in Germany. The extruder manufacturing business was not viewed as a core business by the additives major.