Rhodia, SNIA sell nylon fibres JV Nylstar

06 March 2007 16:47  [Source: ICIS news]

Updated – adds latest share price

 

LONDON (ICIS news)--Rhodia has agreed to sell its 50% stake in nylon fibres joint venture Nylstar for €1 ($1.31), the French chemicals company said on Tuesday.

 

Rhodia’s partner in the joint venture, Italian textiles and chemicals group SNIA, has also signed the agreement which would transfer the business to a third party agent acting on behalf of a consortium of Nylstar’s credit banks.

 

The agreement formed part of a financial restructuring at Nylstar involving a debt-to-equity swap.

 

“Nylstar will now be in a better position to ensure its development,” said Rhodia in a statement.

 

Rhodia shares reached €2.68 towards the end of Tuesday trading in Paris, up over 5% on Monday’s close.

 

The company was not immediately available for further comment.

 

($1 = €0.76)

 

By: Mark Watts
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly