Chemical company Chemtura has hired Merrill Lynch to advise on its sale — again.
Reuters was first to report in October on a quiet Merrill-run auction for Chemtura, which failed to find a buyer despite reported interest from private equity firms like Apollo.
Will the Connecticut-based company, which has since streamlined through job cuts, plant closings and assets sales, be more appealing this time? Buyout firms have been largely sidelined by credit markets, but Chemtura is also considering selling select businesses. The company, with a market cap of about $1.7 billion, makes specialty chemicals for the agriculture, pool, construction and packaging industries.
Merrill should hope things go well – with activist investor Nelson Peltz a shareholder and his firm’s co-founder on Chemtura’s board, patience with the process may run out.
(Photo credit: Chemtura cleaning products)
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