BASEL, SWITZERLAND (Nov. 29, 1 p.m. ET) — Lonza Group has signed an agreement with Monument Chemical to sell the assets of Lonza Group's U.S. performance urethanes and organics business located in Brandenburg, Ky.
Lonza expects the agreement to close by the end of the year. Financial details were not discussed.
“We are pleased to have found a strategic owner for our Brandenburg facility. While performance urethanes operations is not core to the Lonza portfolio the divestiture of the assets provides the Brandenburg business, with the foundation for continued growth and expansion,” said Richard Ridinger, CEO of Lonza, in a Nov. 29 news release.
Lonza said that as part of the Arch Chemicals Inc. acquisition in October 2011, it considered the divestiture of certain Arch business and assets. A formal divestiture process for Brandenburg was initiated in July 2012.
The Arch performance urethanes and organics business has supplied specialty urethane and organic chemicals for over 40 years, developing and manufacturing products used in applications including products for coatings, adhesives, sealants and elastomers, flexible and rigid foams, coolants and solvents.