Elementis to put chromium unit up for sale?

Elementis to put chromium unit up for sale?

THE WHAT? UK-based specialty chemicals manufacturer, Elementis is said to be exploring a sale of its Chromium division, according to a report published by Bloomberg, quoting an anonymous source ‘familiar with the matter’.

THE DETAILS Elementis saw revenue rise 17 percent to US$880 million for FY2021 and adjusting operating profit increase 31 percent to US$107 million. The company is said to be in talks with advisors regarding the future of the unit, but declined to comment when approached by Bloomberg.

THE WHY? Elementis has fought off a series of takeover bids in recent months and its share price has dropped some 14 percent in the last year. It’s said that the potential sale could raise enough funds for Elementis to invest further in its personal care and coatings units.