Sasol sells interest in wax maker Paramelt

12 September 2007 17:41  [Source: ICIS news]

TORONTO (ICIS news)--Sasol has sold its 31.25% stake in wax maker Paramelt for an undisclosed sum due to potential conflicts of interest, the South Africa-based chemicals major said on Wednesday.

 

Sasol sold the stake, effective from 10 July, to EURO Schümann Wax GmbH, it said.

 

Netherlands-based Paramelt is active in wax blends for a variety of industries such as packaging, cheese coating, hot-melt adhesives and for protection against ozone decay in the rubber industry.

 

Sasol said its wax group, Sasol Wax, has a 100%-owned unit, Sasol Wax GmbH, that was increasingly engaging in similar business to that of Paramelt and selling the interest would avoid future conflicts.

 

Sasol Wax, based in Hamburg, Germany, includes 16 companies and joint ventures worldwide. It employs 1,100 people and has annual sales of €600m ($830m).

 

($1 - €0.72)

By: Stefan Baumgarten
+1 713 525 2653

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