MILWAUKEE - The Chemours Co. has sold its methylamines business unit to Belle Chemical Co., an affiliate of Cornerstone Chemical Co. Grace Matthews advised Chemours on the transaction.
The methylamines business supplies methylamines products, such as MMA, TMA and DMA, to a diverse set of partners in the agricultural, oil and gas, electronics, and personal care industries, among others. The products are manufactured in Belle, West Virginia.
In September 2019, following a thorough internal review earlier in the year, Chemours announced plans to stop producing methylamines by the end of the year. The move would have resulted in the loss of approximately 60 jobs. After this announcement, Chemours received multiple inbound inquiries from parties interested in acquiring the business and its assets. Chemours hired Grace Matthews to assist in evaluating these inquiries and to run a process focused on a successful transition of the business to a new owner. Ultimately, Belle Chemical Co., an affiliate of Cornerstone Chemical Co., entered into a definitive purchase agreement in December 2019. The transaction became effective on Jan. 1, 2020.
Cornerstone Chemical Co., the former intermediate chemicals business of Cytec Industries, is owned by Littlejohn & Co., a Greenwich, Connecticut-based private equity firm. Cornerstone is a leading manufacturer of high-quality intermediate chemicals, including acrylonitrile, melamine, sulfuric acid and other chemical products.
“The unique nature of how this transaction began meant a tremendous amount of resources were required in a short period of time in order to reach a successful outcome. In Cornerstone, Chemours was able to find an excellent home for this business going forward,” said Jon Glapa of Grace Matthews.