Kiri Dyes and Chemicals agrees to acquire insolvent DyStar
08 December 2009 15:13 [Source: ICIS news]
TORONTO (ICIS news)--Kiri Dyes and Chemicals has agreed to buy insolvent German textiles and leather-chemicals producer DyStar, the Indian company said on Tuesday.
The acquisition, through a Singapore-based Kiri affiliate, included “DyStar Group and its selective assets”, Kiri said in a filing with the
DyStar’s core business would remain unchanged after the acquisition, Kiri said.
Kiri added that it would seek to “normalise” DyStar’s production facilities in Germany over the next few weeks.
Financial terms or other details were not disclosed.
A spokesperson for one of DyStar’s German insolvency administrator told ICIS news that Kiri’s announcement was “substantially correct”.
However, for legal reasons, the insolvency administrator it could not yet confirm the deal.
The administrator expected to issue a news release on the deal with Kiri soon, the spokesperson added.
DyStar last week shut down four of its five production plants in
However, DyStar had stressed that its operations abroad, which employ a staff of 2,000, were not affected by the insolvency.
DyStar, one of the world's largest textile-chemicals firms, was formed in 1995 out of the textile-dyes businesses of Bayer and former German chemicals major Hoechst. In 2000, BASF integrated its dyes business into DyStar.
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