Kemira completes €250m TiO2 JV with Rockwood

01 September 2008 07:53  [Source: ICIS news]

MUMBAI (ICIS news)--Finnish chemicals group Kemira has completed its 31:69 joint venture with US-based specialty chemicals firm Rockwood Holdings worth more than €250m ($367.6m), in line with Kemira’s new strategy, the company said on Monday.

The joint venture, which is headquartered in Duisburg, Germany, combined Kemira's titanium dioxide (TiO2) business and Rockwood's TiO2 pigments and functional additives business, the company said.

“Among the joint venture's competitive advantages are that both companies' titanium dioxide production is based on a same production process and both have strong capabilities in the development of nano-particles for specialty applications,” the company said. 

Wolf-Dieter Griebler, who had been president of Rockwood's TiO2 business, will head the new joint venture, it added.

The transaction would result in a small capital gain for the firm and help reduce its net debt by approximately €120m, it said.

($1 = €0.68)

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By: Isha Jha
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