22nd Aug 2018 08:18
LONDON (Alliance News) - Elementis PLC on Wednesday said it agreed to sell its Jersey City site in the US state of New Jersey to 400 Claremont Urban Renewal LLC for USD17 million.
The FTSE 250-listed chemicals company said the transaction is not subject to any regulatory approval and closed on signing on Tuesday.
Elementis intends to use funds from the sale for general corporate purposes and towards debt reduction.
In March last year, the company disposed of its non-core US Colourants business, which was based at the Jersey City site. The company decided to divest the unit following a review of its operating assets and product portfolio.
"We are pleased to confirm that the closure and sale of the Jersey City site proceeded as planned," said Chief Executive Paul Waterman.
"This concludes the disposal of our non-core US Colourants business, consistent with the strategy to transform our supply chain and ensure Elementis is focused on our key growth opportunities," added Waterman.
Shares in Elementis were trading 0.3% lower early on Wednesday at 263.14 pence each.
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