British Columbia, Canada – The sale of FRX Innovations’ equity interests in FRX Polymers, its wholly owned operating subsidiary, has closed. It is being sold to FRX Acquisition, a vehicle controlled by a group of largely European investors.
The transaction was announced back in November. The net cash payment for the business at closing was $907k, amounting to $1.5m less closing costs. Debts of about $16.5m of FRX Innovations and its subsidiaries were assumed or restructured.
FRX Polymers manufactures the polymeric flame retardant Nofia, which has applications in polyurethane foam. It is made in Antwerp, and the company recently signed a distribution agreement with Lanxess.
