MIDDLEBURY, CT - Addivant, the former antioxidant and UV stabilizer solutions business of Chemtura Corp., is now operating as an independent portfolio company of SK Capital. The new company also announced plans for expansion, a broader product offering and increased emphasis on innovation.
"With its unique pedigree resulting from the merger of three leading polymer additives companies, we believe the business is an attractive platform with significant growth and performance improvement potential," noted Barry Siadat, a Managing Director of SK Capital and Chairman of Addivant. The new company plans investments in innovation and expansion of capacity to achieve ambitious new sales targets. Growth plans will include its joint ventures in the Middle East and Asia.
Peter R. Smith, a former member of Chemtura's leadership team and General Manager of the business unit since 2009, has been named company President and Chief Executive Officer.
Addivant will be headquartered in Connecticut and maintain its workforce and global footprint with 11 plants on five continents, nine existing technology centers and application testing centers worldwide.
The new company is a global producer of liquid phosphites, specialty antioxidants and materials in non-dust forms. The company's specialty chemicals are used in the polymer and rubber industries in segments that include automotive, packaging, consumer durables, electrical and electronics, and building and construction.