Witco Corporation (Greenwich, CT) recently announced that it intends to sell its petroleum additives business. The investment banking firm of Deutsche Bank Securities has been engaged to assist in the divestment process and the company expects to complete a transaction in 1999. The business being sold provided approximately $100 million in revenues in 1998.
The products that are being offered for sale include calcium, magnesium, sodium and barium sulfonates manufactured at West Hill, Canada, Amsterdam, Holland and Petrolia, PA, and Petromix metalworking additive packages and some calcium sulfonates currently manufactured at Gretna, LA. The assets of the West Hill facility will also be sold. Witco will continue its manufacturing operations at Amsterdam, Gretna and Petrolia.
Witco Corporation is a $1.9 billion global manufacturer of specialty chemicals providing high value products for a wide range of customers worldwide.