Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.20.4
Subsequent Events
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
29. Subsequent Events:
Definitive Agreement to Sell the Company’s Performance Chemicals Business
On March 1, 2021, the Company announced that it entered into a definitive agreement to sell its Performance Chemicals business for a purchase price of $1,100,000, subject to customary purchase price adjustments as set forth in the agreement. The planned sale of the Performance Chemicals business reflects continued advancement by the Company on its ‘Simpler + Stronger’ strategic path.
The Company expects to use the after-tax cash proceeds from the sale to reduce debt and return capital to its shareholders, subject to board approval and declaration. The transaction is expected to close by the end of 2021, subject to regulatory approvals and customary closing conditions. The Company is currently evaluating the impact of this transaction.
This transaction met the held for sale criteria in March 2021, and consequently the financial results of the Performance Chemicals business will be reported in discontinued operations beginning in the first quarter of 2021.
Chem32 Acquisition
On February 24, 2021, the Company completed the acquisition of Chem32, a leading supplier of catalyst pre-activation services, for a purchase price of $44,000, subject to customary purchase price adjustments as set forth in the agreement.
Other than these items, the Company has evaluated subsequent events since the balance sheet date and determined that there are no additional matters to disclose.