Chemours, which encompasses the Performance Chemicals business spun off from DuPont in July, has said it will sell its Beaumont, Texas, plant to Dow Chemical, one of its main customers, for $140 million. The divestment is part of Chemours’ plan to slash $350 million from its budget by 2017, and the company said it could be completed by the end of this year, after all approvals are received.

The facility, which employs about 90 people, produces aniline as a polyurethane feedstock for Dow and other companies. Chemours will supply Dow with additional aniline from its Pascagoula, Mississippi facility and will also supply other aniline customers from Pascagoula.

"We have moved rapidly since Chemours was created in July to capture substantial cost reductions and streamline our portfolio," said CEO Mark Vergnano, adding that the new standalone company is on its way to delivering on “every aspect” of its five-point transformation plan. This foresees concentration on businesses that have the strongest advantages and greatest market opportunities.