Axiall Corporation to Sell Solucor Business to Galata Chemicals
ATLANTA--(BUSINESS WIRE)--Feb. 25, 2016-- Axiall Corporation (NYSE: AXLL), a leading integrated chemicals and building products company, has signed an agreement to sell certain assets of its compound additives business, known as Solucor, and its manufacturing facility located in Bradford, Ontario, to Galata Chemicals of Southbury, Conn. The transaction is expected to become effective at the end of day on Feb. 29, 2016. Terms of the transaction were not disclosed.
The Bradford facility, which includes approximately 60 employees who will transfer with the sale to Galata, manufactures high-quality additives for rigid PVC applications, focusing on a broad mix of process aids and impact modifiers, among other products. Solucor additives have a solid track record of successful performance in their targeted applications dating to their inception in 1994.
“As we refine our portfolio, we are pleased to have reached an agreement to sell our Solucor business to Galata Chemicals,” said Axiall President and CEO Tim Mann. “This is our third divestiture of non-core assets since April 2015, which allows us to better focus on our core chloro-vinyls and derivatives businesses.”
"We are excited to add such a strong, complementary product portfolio and highly experienced team to the Galata Chemicals family,” said Galata President Steven McKeown.
"The purchase of Solucor is another key step in Galata's growth strategy as we continue to pursue additional strategic acquisitions such as this,” said Vishal Goenka, director, Artek Surfin Chemicals Ltd., parent company of Galata Chemicals.
Balmoral Advisors, LLC acted as Axiall's financial advisor in the transaction.