22 March 2013 14:02 [Source: ICIS news]
HOUSTON (ICIS)--Rockwood has repaid €394.5m ($512.3m) in debt held by its Sachtleben titanium dioxide (TiO2) subsidiary as it prepares to divest the unit, the US-based specialty chemicals firm said on Friday.
“This repayment of debt furthers our progress towards two of our stated goals for 2013 - our commitment to de-leverage and to facilitate the divestiture process for Sachtleben,” said Rockwood CEO Seifi Ghasemi.
Last month, Rockwood bought out partner Kemira to acquire full ownership of Sachtleben. Rockwood took that step in order to be better able to divest or spin off the unit, rather than further investing in TiO2 production, it said at the time.
Additional reporting by Jeremy Pafford and Tom Brown
($1 = €0.77)
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