The Chemours Company Agrees to Sell Glycolic Acid Business to Iron Path Capital-backed PureTech Scientific Inc. for $137 MillionSale Agreement • June 1st, 2023 • Chemours Co • Chemicals & allied products
WILMINGTON, Del., NASHVILLE, Tn, June 1, 2023 -- The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials has entered into a definitive agreement to sell its Glycolic Acid business (“Glycolic Acid”) for $137 million in cash to PureTech Scientific Inc., a company founded and backed by Iron Path Capital, a private equity firm focused on lower-middle market investments across the specialty industrial and healthcare sectors. With this acquisition, PureTech Scientific is positioning itself to become the global leader in organic synthesis of ultra-high purity alpha hydroxy acids for the Life Sciences and Specialty Chemical industries. The transaction is expected to close by the third quarter of 2023 subject to regulatory approvals and other customary closing conditions.
