StockMarketWire.com - Chemicals company Elementis said it had agreed to sell its Jersey City site in New Jersey to 400 Claremont Urban Renewal for $17m.

The Jersey City site was previously home to the company's US colourants business that was sold to Chromaflo Technologies Corp in March 2017.

Following a review of its operating assets and product portfolio, Elementis decided the US Colourants business was non-core and that the optimal course of action was to sell the business and close the Jersey City site. The transaction closed on signing on 21 August 2018.

The proceeds of the sale would be used for general corporate purposes and towards debt reduction. 'We are pleased to confirm that the closure and sale of the Jersey City site proceeded as planned. This concludes the disposal of our non-core US Colourants business, consistent with the strategy to transform our supply chain and ensure Elementis is focused on our key growth opportunities,' said CEO, Paul Waterman.



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