11 December 1998 10:08 [Source: ICIS news]
LONDON (CNI)--Hoechst said Friday it has completed the sale of its worldwide polyester business to the US/Mexican consortium of Koch Industries and Imasab (Saba).
The new company, called KoSa, will be one of the largest polyester producers in the world, Hoechst said.
Pedro Haas, KoSa's chief executive officer, said: "Our employees' experience in the polyester industry, combined with our owners' strong commitment to KoSa, will contribute to our long-term growth and success."
Hoechst has told CNI that the turnover of the business transferred to KoSa is about $3bn. But no financial details of the sale transaction were disclosed.
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