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Switzerland:Clariant sells MCAA business to Gilde |
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2005-6-29
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Muttenz, Switzerland based Clariant announced the sale of its subsidiary Clariant (Acetyl Building Blocks) GmbH & Co. KG to the Gilde Buy-Out Fund for CHF 74 million (EUR 48 million). The sale is expected to close in the Third Quarter 2005 subject to approval by the relevant competition authorities.
The transaction is part of Clariant’s strategy to sell businesses that are outside its core activities. Clariant (Acetyl Building Blocks) GmbH & Co. KG (CABB), at present part of Clariant’s Life Science Chemicals Division, is a focused and leading company in products based on chlorine and acetyl chemistry. CABB holds a strong market and technology position for its main product, monochloroacetic acid (MCAA), an important intermediate for applications in industries such as agro chemistry, detergents, plastics and pharmaceuticals. Furthermore the company holds good market positions in chlorinated intermediates and terpenes.
In 2004, CABB generated worldwide revenues of CHF 176 million (EUR 114 million). It operates two manufacturing sites, Knapsack and Gersthofen, both located in Germany and employs approximately 300 people. All employees will be transferred to the new owner. Clariant will continue to act as sales agent and distributor outside Germany for the foreseeable future.
Clariant’s Chief Executive Officer Roland Loesser said: “The sale marks a further step in the streamlining of non-strategic businesses in our portfolio. It allows our colleagues at CABB to fully focus on their core business. We wish them lots of success.”
CABB to fully focus on their core business. We wish them lots of success.”
Ralph Wyss, Managing Director at Gilde’s Zurich office, welcomes CABB in the Gilde organization and said: “The acquisition of CABB marks another successful step for Gilde in the German speaking countries. CABB is an excellent addition to our portfolio of regional market leaders. Together with the management, Gilde will make all efforts to further enhance the CABB business.” |
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