20 February 2003 15:47 [Source: ICIS news]
MADRID (CNI)--Spanish industrial group Ence has sold the remaining 50% of its chemicals unit Elnosa to Quimica de Portugal (Quimigal) for an undisclosed sum, giving the Portuguese firm full control of the company.
In a statement filed late Wednesday with Spanish stock market watchdog Comision Nacional de Valores (CNMV), Ence said Elnosa will experience "new development and expansion opportunities" under Quimigal’s ownership.
Quimigal, which has growth ambitions in Spain, particularly in the province of Galicia, bought 50% of Elnosa in December 2001.
As part of the deal, Quimigal will acquire Elnosa’s plant in the town of Lourizan in Pontevedra, northwest Spain. The plant produces 100 000 tonne/year of caustic soda, chloric acid and sodium hypochlorite. It makes another 20 000 tonne/year of diverse chemical products. The plant, which employs 64 people, posted revenues of Euro16.4m (about $17.6m) in 2002.
Part of Portuguese industrial and chemicals group Companhia Uniao Fabril (CUF), Quimigal is mainly involved in the electrochemicals business. CUF belongs to Portuguese private holding Jose de Mello, which has interests in chemicals, financial services, health, real estate, transport and energy.
Ence is one of Spain’s top forestry and wood-processing firms and claims to be Europe’s top supplier of eucalyptus cellulose.
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