The Chemours Company has entered into a definitive agreement to sell its Glycolic Acid business for $137 million to PureTech Scientific Inc., a company founded and backed by Iron Path Capital.
The transaction is expected to close by the third quarter of 2023, subject to regulatory approvals and other customary closing conditions.
According to the companies, the acquisition will enable PureTech Scientific to produce alpha hydroxy acids for the life sciences and specialty chemical industries using organic synthesis.
“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,” said Denise Dignam, President, Chemours Chemical Solutions.