29 April 2004 12:27 [Source: ICIS news]
Sud-Chemie confirmed to CNI that it had today completed the acquisition of the global foundry supply activities from SKW Metallurgie AG and SKW Metallurgical Inc, two wholly-owned subsidiaries of Degussa.
The deal involves Giesserei-Technik of
Sud-Chemie will be taking on 28 Degussa employees with no job cuts.
A Degussa spokesperson put the combined turnover of the two companies sold at “mid-way through the double-digit million range,” but declined to comment further.
The deal represents one of Degussa’s last sales as part of a Euro6.5bn ($7.7bn) divestment programme to let it concentrate on its specialty chemicals businesses. The Degussa spokesman said it will now address the divestment of Oxxynova (DMT) and its industrial chemicals business, both non-core activities.
Sud-Chemie claimed that acquiring the foundry supply activities of SKW Metallurgie AG will enable it to round off its problem-solving competency as a supplier to the foundry and automobile industries.
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