Chemtura Corporation (NYSE and Euronext Paris: CHMT) today announced that it has entered into a definitive agreement to acquire the bromine assets of Solaris ChemTech Industries Limited (“Solaris ChemTech” or “SCIL”), India's leading manufacturer of bromine and bromine derivatives. The acquired business will become an integral part of Chemtura’s Great Lakes Solutions business.
The Bromine and Bromine Chemicals division of Solaris ChemTech was established in the mid-1990s and has grown to be India’s premier manufacturer of bromine. The acquisition includes two manufacturing facilities, a well-established R&D center and a multi-products facility in the State of Gujarat. The new subsidiary will be headquartered in New Delhi.
“The acquisition of Solaris ChemTech’s bromine assets will further strengthen our bromine position and provide our customers with increased security of supply through further diversification of our bromine supply sources,” said Craig A. Rogerson, Chemtura Chairman, President and Chief Executive Officer. “Chemtura is uniquely positioned to benefit from the capabilities of this business. This acquisition provides an established bromine and derivative position in India today. Through the application of our technology, we can improve productivity and efficiency, creating significant value. It also gives access to substantial brine reserves to fuel future growth of the business. Establishing additional footprint in the Asia Pacific region is further evidence of our commitment to growth in faster growing regions and will also strengthen Chemtura’s prospects for expansion across the portfolio of Chemtura businesses,” Rogerson added.
“This acquisition is a strong fit with Chemtura’s overall strategic focus on serving the transportation, energy, electronics, and agriculture markets,” said Anne Noonan, Chemtura Vice President of Strategic Business Development and President of Great Lakes Solutions. “The incremental bromine assets also bolster our abilities to meet growth in customer requirements including the emerging global demand for bromine derivatives for mercury control in coal-fired power plants. We are excited to have the new team in India onboard as a part of Chemtura and Great Lakes Solutions,” Noonan added.