The Chemours Co. recently announced that it has sold its methylamines business unit to Belle Chemical Co., an affiliate of Cornerstone Chemical Co. The methylamines business reportedly supplies methylamines products such as MMA, TMA, and DMA to partners in various industries. The products are manufactured in Belle, W.Va.
In September 2019, following a thorough internal review earlier in the year, Chemours announced plans to stop producing methylamines by the end of the year. The move would have resulted in the loss of approximately 60 jobs. After this announcement, Chemours received multiple inbound inquiries from parties interested in acquiring the business and its assets. Chemours hired Grace Matthews to assist in evaluating these inquiries and to run a process focused on a successful transition of the business to a new owner. Ultimately, Belle Chemical entered into a definitive purchase agreement in December 2019. The transaction became effective on January 1, 2020.
“The unique nature of how this transaction began meant a tremendous amount of resources were required in a short period of time in order to reach a successful outcome,” said Jon Glapa of Grace Matthews. “In Cornerstone, Chemours was able to find an excellent home for this business going forward.”