16 April 2013 10:19 [Source: ICIS news]
LONDON (ICIS)--Former Dow Chemical subsidiary Haltermann has completed the acquisition of UK-based fuels and solvents producer Petrochem Carless, Haltermann owner HIG Capital said on Tuesday.
Following the acquisition, which was greenlit by the European Commission last month, Haltermann Holding will be renamed HCS Group, and will serve as the holding company for Petrochem Carless and, HIG added.
The deal value was not disclosed, but Petrochem Carless recorded revenues of more than £350m (€411.8m, $538.5m) in 2012. The combined sales of Carless and Haltermann in 2012 stood at around €650m, HIG added.
Johannes Natterer, director of HIG Capital’s European arm, said: "PCL and Haltermann are an almost perfect fit. With their common technology and raw material markets, and yet complementary sales patterns with regard to products and regions, they together will have a significantly enlarged product offering and regional coverage."
Petrochem Carless specialises in the supply of condensate products including naphtha and kerosene as well as aromatic solvents, drilling fluids, process oils and performance fuels.
($1 = €0.77, €1 = £0.85, $1 = £0.65)
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