Chemours To Sell Glycolic Acid Business To PureTech Scientific For $137 Mln

(RTTNews) - Chemours Company (CC), has agreed to sell its glycolic acid business to PureTech Scientific Inc., a company founded and backed by Iron Path Capital, for $137 million in cash.

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.

"Creating a better world through the power of our chemistry requires a clear focus on where to play and how to win," said Mark Newman, President and CEO at Chemours. "While our goal is to position every one of our businesses for growth, over the past several months it became clear that PureTech Scientific and Iron Path Capital may be best positioned to take Glycolic Acid to the next level. We're incredibly proud and appreciative of our Glycolic Acid team and wish them all the best in this exciting next chapter."

Denise Dignam, President of Chemours Chemical Solutions, said: "Our Glycolic Acid portfolio includes a range of technical and cosmetic grades suitable for use in diverse applications. As passionate stewards of these brands, our team believes the portfolio is a fitting part of PureTech Scientific's growth plan and is well reflected in the terms of this agreement."