04 February 2010 17:46 [Source: ICIS news]
TORONTO (ICIS news)--India’s Kiri Dyes and Chemicals has secured financing and closed its acquisition of insolvent Germany-based leather and textile chemicals major DyStar, the latter’s insolvency administrators said on Thursday.
Under the deal, Kiri will take over four of DyStar's five German production sites, securing some 750 jobs in ?xml:namespace>
“From where we stand, this [sale to Kiri] is a major success, saving four production sites in
Production at Frankfurt,
DyStar filed for insolvency in September and shortly afterwards production, with the exception of indigo at
But despite the insolvency, DyStar’s business outside
Kiri managing director Manish Kiri said his firm would continue running DyStar as an independent company while seeking out synergies.
It 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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