08 December 2009 15:13 [Source: ICIS news]
The acquisition, through a Singapore-based Kiri affiliate, included “DyStar Group and its selective assets”, Kiri said in a filing with the ?xml:namespace>
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.
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.Read Paul Hodges’ Chemicals and the Economy Blog
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