20 November 2002 18:28 [Source: ICIS news]
LONDON (CNI)--French specialty chemicals company Rhodia is soon to make more asset disposals that will further exceed its debt reduction target for this year.
Jean-Julian Baronnet, board member for the services and specialties division, said Wednesday that Rhodia is "quite close to making disposals", although he would not give a more precise time-frame. Baronnet was speaking here at the European Chemicals Finance and conference*
Rhodia has already exceeded its Euro500m ($503m) debt reduction target for 2002 following the sale of its European intermediate chemicals business to global private investment group Bain Capital.
Prior to the Bain deal, Rhodia said it will have reduced consolidated debt to almost Euro2bn by the end of 2002 once it had received the proceeds from the sale of the paper latex business Latexia, Brazilian polyester and polyethylene terephthalate (PET) operation Rhodia-ster, technical fibres company Kermel, its 50% stake in industrial waste processing firm Teris and its polyvinyl acetate (PVA) business.
*The two-day conference, which concludes today, is organised by European Chemical News and Chemical Insight and sponsored by Merrill Lynch.
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