Rockwood repays Sachtleben debt as it prepares TiO2 divestiture

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.

Rockwood said that the repayment included all borrowings outstanding under a secured facility of Germany-based Sachtleben. Rockwood used cash on hand to repay the debt, it added.

“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)

By: Stefan Baumgarten
+1 713 525 2653

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