Sun, Sep. 25, 11:06 PM
- German-based specialty chemical company Lanxess (OTCPK:LNXSF) agrees to acquire Chemtura (NYSE:CHMT) for ~$2.5B in cash.
- The $33.50/share offer represents an 18.9% premium to the stock’s closing price on Sept. 23.
- Lanxess says the acquisition would expand its business activities in additives for lubricants and flame retardants.
Tue, Apr. 5, 10:59 AM
- Chemtura (CHMT +2.8%) is upgraded to Overweight from Sector Weight at Keybanc Capital, which expects the company to benefit from higher bromine prices, improved manufacturing costs and a positive price/cost spread, and that margins in the petroleum additives business may hold up better than anticipated.
- The firm thinks low growth opportunities in the end markets, robust balance sheets and low financing costs are triggering M&A activity in the specialty chemicals sector, and that CHMT and Innospec (IOSP +5.2%) could be buyers or sellers, and the two companies “should consider combining.”
- M&A is a potential catalyst for both names, and "there are merits to the two linking up, strategically amassing greater collective scale and reorienting their combined portfolio toward more attractive end markets,” Keybanc says.
Apr. 17, 2014, 7:47 AM
- Chemtura (CHMT) agrees to sell its agrochemicals business to Platform Specialty Products (PAH) for ~$1B, as CHMT moves to focus on industrial chemicals such as fumigants and lubricants.
- The agrochemicals unit last year generated revenue of ~$450M and EBITDA of ~$100M.
- PAH management has made clear its ambition to grow into a leading player in the specialty chemical sector via acquisitions.
- The deal will be paid for with $950M in cash and 2M PAH shares.
May 15, 2013, 9:59 AM
Chemtura (CHMT) pops 5% higher at the open after it acquires UP Chemical's 50% stake in DayStar Materials, a South Korean manufacturer and marketer of high-purity metal organic precursors for the LED market. CHMT says the deal takes advantage of fully integrated infrastructures and feedstock supply.| May 15, 2013, 9:59 AM
Nov. 12, 2012, 8:23 AM
Chemtura (CHMT) agrees to sell its antioxidant and UV stabilizers business, including dedicated manufacturing plants in the U.S, France and Germany, to SK Capital Partners, for $200M.| Nov. 12, 2012, 8:23 AM