By Frank Lewis
Haverhill Chemicals LLC has been sold. Late Monday afternoon, the company announced it had reached an agreement to sell its Assets to ALTIVIA Petrochemicals, LLC of Houston.
ALTIVIA operates facilities producing water treatment chemicals and its phosgene derivatives’ business which it acquired earlier this year from Axial.
Haverhill had announced on June 10, 2015 that it was suspending operations and would seek a solution to allow the plant to resume operations. ALTIVIA is expected to resume operations once the sale is final.
In order to implement the sale to ALTIVIA, Haverhill announced it was filing for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Southern District of Houston. The sale will be subject to approval of the bankruptcy court .
Haverhill engage Balmoral Advisors to advise them on Monday’s transaction.
Haverhill officials could not be reached for comment on Monday.
Reach Frank Lewis at 740-353-3101, ext. 1928.