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(Sharecast News) - Specialty chemicals company Elementis said on Wednesday that it had agreed to sell its chromium business to Dutch-Turkish industrial firm Yildirim Group for $170m.
The cash proceeds from the sale will be used to reduce net debt, in line with the capital allocation priorities, Elementis said.
It also said that following the sale, its portfolio will be fully focused on premium specialty products.
Chief executive Paul Waterman said: "Whilst chromium has been a part of Elementis for many years, our strategic review concluded that the interests of all stakeholders would now be best served by a sale of the business.
"Our Personal Care, Coatings and Talc businesses are focused on developing advantaged, high-value products to drive revenue growth and margin expansion. Going forward, I'm confident the focused implementation of our Innovation, Growth & Efficiency strategy positions us to deliver on our medium-term financial objectives and generate significant shareholder value."
The deal is subject to US regulatory approval, which is expected before the end of Q1 2023.
