Chemours Sells Glycolic Acid Business to PureTech Scientific
Chemours has agreed to sell its glycolic acid business to PureTech Scientific for $137 million cash. The transaction is expected to close by the third quarter of this year, subject to regulatory approval and other usual conditions.
The glycolic acid portfolio includes a range of technical and cosmetic grades suitable for use in diverse applications. Commenting on the sale, Chemours president and CEO Mark Newman said: “While our goal is to position every one of our businesses for growth, over the past several months it became clear that PureTech Scientific and Iron Path Capital may be best positioned to take glycolic acid to the next level.”
The acquisition is the first major investment in the specialty chemicals and life science sector for PureTech Scientific’s owner, private equity firm Iron Path Capital. PureTech Scientific said the acquisition positions it to become the global leader in organic synthesis of ultra-high purity alpha hydroxy acids for the life sciences and specialty chemical industries.
Founded in 2021 and based in Nashville, Tennessee, USA, Iron Path Capital is focused on lower-middle market investments across the specialty industrial and healthcare sectors.
Author: Elaine Burridge, Freelance Journalist
