MOSCOW (MRC) -- The Chemours Company, global chemistry company with leading market positions in Titanium Technologies, has entered into a definitive agreement to sell its Mining Solutions business for USD520 million in cash to Draslovka Holding a.s., a Czech-based private company specializing in cyanide production, according to Kemicalinfo.
The transaction is expected to close in the fourth quarter of 2021 subject to regulatory approvals and other customary closing conditions. Draslovka also recently acquired the sodium cyanide business of Sasol.
“Today’s announcement of the Mining Solutions divestiture furthers our strategy of focusing on our three principal businesses in order to drive long-term shareholder value. Leveraging differentiated strategies, we feel confident that our businesses are well positioned to deliver growth and higher quality earnings through economic cycles,” said Mark Newman, Chemours President and CEO.
“The entire Mining Solutions team has worked hard to create a leading business with an unmatched record of safety and supply chain stewardship. Draslovka’s long-standing expertise in cyanide coupled with a strategy devoted to growing this business, makes them an ideal partner invested in the success of our Mining Solutions employees and customers.”
As MRC informed before, in December 2019, Chemours announced plans to sell its methylamines and methylamides unit to Belle Chemical, an affiliate of Cornerstone Chemical. The sales price was not disclosed. Thus, Chemours had signed a letter of commitment with Belle Chemical Co. to sell Chemours' methylamines and methylamides business and production facilities at the Belle location. Earlier in 2019, Chemours announced it would stop making methylamines and methylamides at the plant. In 2020, it planned to start dismantling the methylamines operations. Once Belle takes possession of the plant, most of the employees at Belle and others assigned in supporting roles at other locations will become part of Belle, Chemours said. Cornerstone makes acrylonitrile (ACN) and melamine at Fortier, Louisiana.
Acrylonitrile is one of the main feedstock for the production of acrylonitrile-butadiene-styrene (ABS).
According to ICIS-MRC Price report, ABS imports rose in the first half of 2021 by 40% year on year to 20,900 tonnes from 15,000 tonnes a year earlier. The share of South Korean shipments fell to 56% (11,800 tonnes) from 60% (9,000 tonnes) a year earlier.
Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. The company has approximately 6,500 employees and 30 manufacturing sites serving approximately 3,300 customers in approximately 120 countries in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.