Sale of Chromium businessSource: RNS
London, 31 January 2023.
Sale of Chromium business
Further to the announcement of 30 November 2022, Elementis plc ("Elementis" or the "Group"), a global specialty chemicals company, is pleased to confirm that the sale of the Chromium business to Yildirim Group has now been completed. The total cash proceeds after transaction costs and working capital adjustments are around $119m. The transaction will give rise to a tax charge in FY 2023 of approximately $12m. The net proceeds after tax will be used to reduce the Group's net debt, in line with the capital allocation priorities previously announced.
Following the sale of the Chromium business, Elementis will continue to implement its strategy built on innovation, growth and efficiency, with a portfolio now focused on premium specialty products.
David Boyd, Investor Relations Tel: +44 7764 905135
Juliana Noronha, Corporate Communications Tel: +44 7384 866389
Martin Robinson, Olivia Peters Tel: 020 7353 4200
Elementis is a global specialty chemical company, with 1,300 employees operating 17 manufacturing sites across the globe. At Elementis, we bring a distinctive combination of expertise, innovation, and teamwork to every formulation challenge. We create high-value specialty additives that enhance the performance of our customers' products and make a positive change in the world.
Combining our leading positions in the science of materials flow, surface modification, and formulation with access to unique natural materials, Elementis delivers unique chemistry, sustainable solutions to customers in a wide range of markets, including cosmetics, anti-perspirants, decorative and industrial coatings, automotive and ceramics. In 2021 Elementis reported revenue of $880m and adjusted operating profit of $107m.