Dow to Buy Chemours Aniline Facility
Chemours Signs Definitive Agreement to Sell Aniline Facility Agreement is Another Step in the Company's Five-Point Transformation Plan
WILMINGTON, Del., Nov. 19, 2015 /PRNewswire/ – The Chemours Company ("Chemours") (NYSE: CC), a global chemical company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, has signed a definitive agreement to sell its aniline facility in Beaumont, Texas to The Dow Chemical Company (Dow) for approximately $140 million in cash. The transaction close is subject to customary approvals and closing conditions.
As part of this transaction, Chemours has entered into an agreement to meet Dow's additional aniline requirements with supply from its Pascagoula, Mississippi facility. Chemours will continue to serve other aniline customers from its Pascagoula plant.
"We have moved rapidly since Chemours was created in July to capture substantial cost reductions and streamline our portfolio," said Mark Vergnano, Chemours president and CEO. "We will continue to take actions to deliver on every aspect of our five-point transformation plan, and to enable greater focus on our businesses that have the strongest advantages and greatest market opportunities."
Vergnano added: "Dow owning the Beaumont aniline facility is a natural fit, since Dow has been our largest aniline customer for many years. Our aniline facility employees have been a valued part of our company, and we wish them well in this next chapter of their working lives."
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