01 April 2004 19:47 [Source: ICIS news]
HOUSTON (CNI)--German chemicals group Rutgers said Thursday it has sold its Isola specialty plastics unit to US private equity fund Texas Pacific Group (TPG).
In a statement today Rutgers said it expects to complete the sale in the 2004 second quarter, subject to regulatory approvals.
Financial terms were not disclosed.
Isola, based in Dueren, Germany manufacturers specialty plastics with electronic applications. Rutgers described Isola as the "world’s leading provider" of glass epoxy laminates for the production of printed circuit boards.
Isola has ten production facilities in Europe, Asia and the US. Its 2400-strong workforce last year generated revenues of Euro380m ($471m).
Rutgers chairman Heinz Rzehak said the sale of Isola was "another milestone in the Rutgers plastics divestment process."
Essen, Germany-based Rutgers is owned by chemicals and coal group RAG. RAG announced last year it that it plans to sell off its plastics subsidiaries, including Isola, HT Troplast and Bakelite.
TPG is based in Fort Worth, Texas.
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