14 July 2008 15:40 [Source: ICIS news]
MUMBAI (ICIS news)--Cognis has agreed to sell its Pulcra Chemicals subsidiary for €26.3m ($41.7m) in line with a strategy of focusing on its core businesses, the German additives and plastic manufacturer said on Monday.
“This transaction will enable Cognis to consistently focus on its innovation-driven growth markets of wellness and sustainability,” the firm’s CEO Antonio Trius said.
Pulcra will be sold to German investor Fashion Chemicals with the backing of Turkey’s DSD (Deri Sanayicileri Dis Ticaret), an export trading company in the leather industry.
Around 9% of the cash proceeds will be financed by members of Pulcra Chemical’s senior management team.
Fashion Chemicals additionally took over 15 million euros of financial liabilities which include debts and pensions.
The final transaction is subject to usual closing conditions, regulatory approvals and was expected to be completed by the end of October 2008.
($1 = €0.63)
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections