The Chemours Company reached a definitive agreement to sell its Glycolic Acid business for $137 million in cash to PureTech Scientific Inc., a company founded and backed by Iron Path Capital, a private equity firm focused on middle market investments across the specialty industrial and healthcare sectors.
With this acquisition, PureTech Scientific is seeking to become a 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 closing conditions.
“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, CEO of 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.”
Chemours has been tightening its focus and earlier sold off its mining business that produced cyanide used in the extraction of gold.
Chemours is based in Wilmington and has a research and development center in Newark.
