Finland’s Kemira sells food, pharma, acetate-based chemicals ops

14 December 2012 08:34  [Source: ICIS news]

SINGAPORE (ICIS)--Kemira has agreed to sell its acetate-based chemicals business, along with its food and pharmaceuticals operations, to US firm Niacet Corp for €82m ($108m), the Finnish specialty chemicals producer said on Friday.

The businesses are part of Kemira’s ChemSolutions segment, and the sale will include the manufacturing site at Tiel in the Netherlands, it said in a statement.

The other businesses under the ChemSolutions segment, including the chemical, feed and de-icing business, which are linked to Kemira's formic acid production in Oulu (Finland), will stay within the company, it said.

The sale, which involves the transfer of 90 Kemira employees to Niacet, is expected to close on 31 January 2013, Kemira said.

“Kemira will undertake a non-recurring write-down related to the transaction of approximately €18m, impacting Kemira's reported EBIT [earnings before interest and taxes] in the fourth quarter of 2012,” it said.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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