Degussa sells textiles additives unit to Italy's Bozzetto
28 February 2002 12:15 [Source: ICIS news]
LONDON (CNI)--Germany specialty chemicals company Degussa announced Thursday it has sold its textile additives activities to Giovanni Bozzetto, the Milan, Italy-based subsidiary of German group Rutgers.
The divestment is the eleventh conducted by Degussa as part of its strategy to focus on specialty chemicals. Since the divestment programme began in February 2001, Degussa has sold the equivalent of 77% of the Euro6.5bn ($5.70bn) total turnover of intended disposals.
Financial details of the textile additives deal were not disclosed.
In fiscal 2000, Degussa's textile additives activities generated sales of about Euro35m. It has facilities at Krefeld in Germany, the US, Indonesia and China (including a sales office in Hong Kong) with 137 staff altogether.
Utz-Hellmuth Felcht, management board chairman of Degussa, said: "Our textile additives unit is a relatively small business, and does not meet our criteria for a high-growth specialty chemicals portfolio. In its new, medium-sized ownership structure, it will have good opportunities for future development, however.
"Moreover, the sale shows that despite the economically difficult environment, we are consistently implementing our ambitious divestment program with regard to not only major but also minor activities."
Giovanni Bozzetto, which produces chemicals for the textile industry, said the acquisition represents a strategically important step forward in its continued internationalisation.
The Italian company has in recent years recorded annual sales of between Euro50m and Euro60m, with about 75% generated in Italy. The Bozzetto group currently employs 180 staff.
By: Russell Ong
+44 208 652 3214
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