Chemours Sells Methylamines to Belle Chemical
Chemours has sold its methylamines business to Belle Chemical, an affiliate of Cornerstone Chemical, with effect from 1 January.
Interest in buying the business surfaced after Chemours announced last September that it would stop producing methylamines at its plant in Belle, West Virginia, USA, laying off 57 workers.
The decision was said to be driven by the rising costs of importing feedstocks such as methanol and ammonia along with the company’s wish to exit the business. Methylamines are used in a variety of applications in the agricultural, oil & gas, electronics and personal care industries, among others.
Chemours said it received “multiple inbound inquiries” from interested parties and hired investment bank Grace Matthews as an advisor.
Formerly the intermediate chemicals business of Cytec Industries, Cornerstone Chemical is owned by private equity firm Littlejohn & Co, which bought the Waggaman, Louisiana-based manufacturer from an affiliate of H.I.G. Capital in 2017.
