Elementis has announced that, as part of its strategy to focus on more material opportunities and key growth areas, the Company has agreed to sell its non-core US colourants business to Chromaflo Technologies for an undisclosed cash amount.
The transaction is not subject to any regulatory approval and closed simultaneously on signing on 17th March 2017.
Commenting on the transaction CEO, Paul Waterman, said:
"We said at the Capital Markets day in November 2016 that we would focus on fewer, more material opportunities to reignite growth at Elementis. The sale of our non-core US colourants business and closure of the Jersey City site demonstrates that focus and supports our strategy to focus on key growth areas. It also represents an important step in our supply chain transformation. The Jersey City site will now undergo preparation for closure and we expect it will be put up for sale in the future."
At 1:24pm: (LON:ELM) Elementis PLC share price was +0.6p at 288.9p