Specialty chemicals maker Chemtura ( CEM) agreed to sell its Industrial Water Additives business, excepting the Liquibrom product line, to a private equity firm in the U.K., subject to European regulatory approvals. Details of the transaction were not disclosed. The company said that it wants to divest itself of this operation to focus on its core businesses. The transaction is expected to close during the second quarter. Proceeds from the sale will be used mainly to reduce debt. The company will continue to manufacture products in its Adrian, Mich., and Trafford Park, U.K., facilities.