Several polymer products once part of Middlebury chemical marketer Chemtura have been sold to an equity investor who, with employees’ input, has renamed them Addivant, authorities say.
SK Capital completed its purchase of Chemtura’s former antioxidant and ultraviolet stabilizer solutions business, will operate them as an independent portfolio company, said SK Managing Director Barry Siadat, who also is chairman of Addivant.
“The transition from a non-core business within a large public company to a stand-alone organization will enable improved execution and a renewed emphasis on growth,’’ Siadat said.
Peter R. Smith, a former member of Chemtura’s leadership team and general manager of the business unit since 2009, is Addivant’s president and CEO.
Addivant says it will remain based in Connecticut and maintain its workforce, plus retain a global footprint with 11 plants on five continents and nine existing technology centers and application testing centers worldwide.
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