06 March 2012 10:47 [Source: ICIS news]
LONDON (ICIS)--Evonik has entered into an agreement to sell its global colourants business to US private investment firm Arsenal Capital Partners, the German specialty chemicals producer said on Tuesday.
The acquisition is expected to be completed in April 2012, following the approval of Evonik’s supervisory board and regulatory authorities, the company said.
“In our view, the divestment to Arsenal opens up promising development opportunities for this business. We are placing it in good hands and are very pleased with the transaction,” said Evonik executive board member Thomas Haeberle, who is also responsible for the resource efficiency segment, where the colourants business is assigned.
In 2011 Evonik’s colourants business generated sales of about €130m ($171m). The sector’s facilities are in the ?xml:namespace>
“It provides a great platform to build a stronger global business in a sector that we understand and [we] believe it will perform well as an independent company, benefiting from Arsenal’s resources and expertise,” said the co-head of Arsenal’s specialty industrials group, John Televantos.
“We look forward to supporting and building the business organically and with strategic acquisitions that will further expand its network,” he added.
Financial details of the deal were not disclosed.
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