By Frank Lewis
Until the transaction that allows ALTIVIA Petrochemicals to officially purchase the assests of the Haverhill Chemicals, LLC to become official, the company is not offering many details as to what will go on at that facility in the future. The closing of the transaction, which is subject to approval by the Bankruptcy Court, is expected in October. Haverhill Chemicals filed for relief under Chapter 11 of the U.S. Bankruptcy Code on Sept. 19.
The Daily Times inquired about future plans from the public relations company representing ALTIVIA.
“Once the transaction closes the company will start operations and begin shipping product,” Kelly Kimberly of Kimberly Public Relations, representing ALTIVIA, told the Times. “We will have more details after the transaction closes.”
Earlier this summer Haverhill Chemicals, LLC., announced it would be closing, leaving roughly 140 employees jobless. Local and state officials had since been working with the company to keep operating. On June 12, Tom Wells, vice president of Haverhill Chemicals, issued a news release reporting that the Haverhill Plant would begin the suspension of operations at the facility. He said that during the shut-down phase, the company would be seeking a solution that may allow the plant to resume operations.
ALTIVIA Petrochemicals announced on Monday it has signed a definitive agreement to acquire all of Haverhill Chemicals’ assets for their Phenol, Acetone, Alpha-Methylstyrene (AMS) and BisPhenol-A (BPA) businesses. The facilities are located in Haverhill, Ohio, formerly operated by Sunoco.
The chemicals produced at the Haverhill facilities are intermediates utilized in the production of phenolic resins, epoxies, polycarbonates, paints and coatings, pharmaceuticals, acrylics, and heat resistant polymers.
According to ALTIVIA, entering that business will provide the company opportunities to participate in commodity products controlled by global players. The business’ location provides a geographical advantage to the supply chain of its customer base.
Headquartered in Houston, Texas, privately held ALTIVIA was founded in 1986 and today is the largest merchant producer of Phosgene derivative intermediates in the Americas. ALTIVIA is also a producer of iron-based salts serving municipal and industrial customers with a broad range of chemical solutions, including products formulated for specific water treatment applications.
Reach Frank Lewis at 740-353-3101, ext. 1928, or on Twitter @franklewis.
