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US-based global chemicals company Chemtura Corporation has signed an agreement to acquire the bromine assets of Solaris ChemTech Industries (SCIL) for $142 million. SCIL, part of the Gautam Thapar-led, $4-billion Avantha Group, is India’s largest manufacturer of bromine and its derivatives.
A Chemtura statement said the deal would help the company increase its presence in a market it had targeted for profitable growth. The acquisition includes two manufacturing facilities and a research and development centre in Gujarat. The acquired assets would be part of Chemtura’s business to provide bromine and phosphorus flame retardants.
“We see the potential to improve operating efficiency at Chemtura and cater to a wider agrochemical and pharmaceutical intermediates market. Our plan is to invest to drive growth in this business, as part of our broader India- and global-growth plans,” said Craig Rogerson, president and chief executive of Chemtura.
The company plans to inaugurate its India headquarters in New Delhi soon. It would also open a new administrative office for its manufacturing facility in Gajraula in Uttar Pradesh.