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Arch Chemicals Sells DanChem, Cuts Jobs
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Business New Haven
3/18/2002
By: BNH
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NORWALK - Arch Chemicals Inc. (NYSE: ARJ) announced that it has completed the sale of its DanChem operations, a specialty chemical contract manufacturer located in Danville, Va., to a portfolio company of American Capital Strategies Ltd. (NASDAQ: ACAS). Proceeds from the sale were approximately $25 million.
Also, as part of its overall strategy to reduce costs, Arch Chemicals announced the elimination of some 200 jobs associated with the reorganization of certain businesses, including its microelectronic materials, Performance urethanes and HTH Water Products businesses.
A restructuring charge of approximately $7 million will be recorded in the first quarter of 2002 for severance and employee benefit costs related to the layoffs.
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