17 December 2013 16:19 [Source: ICIS news]
(recasts, adds dropped detail in penultimate paragraph)
LONDON (ICIS)--Sasol Solvents Germany has reached an agreement to sell its German assets and the associated solvents business to INEOS for an undisclosed price, Sasol said on Tuesday.
Sasol said: “The increasingly challenging feedstock situation and market conditions for its products have negatively impacted the financial performance of Sasol Solvents Germany. INEOS offers a backward integration into feedstock which the current Sasol Solvents Germany business does not have.”
The Sasol Solvents Germany sites in Moers and Herne produce oxygenated solvents, such as ethanol and isopropanol, and fine chemicals used in the manufacturing of paint and varnishes, cleaning and anti-freezing agents and cosmetics, as well as in the pharmaceutical industry.
Approximately 520 employees work at the sites, Sasol said, adding that the international Solvents business of Sasol is not affected by the sale of Sasol Solvents Germany.
INEOS is a global manufacturer of petrochemicals, specialty chemicals and oil products with a production network that spans 51 manufacturing facilities in 11 countries.
The Swiss-headquartered company said it will continue to operate the maleic anhydride (MA) plant at the Moers site for the ongoing joint venture between Sasol and Huntsman. This plant has a nameplate capacity of 105,000 tonnes/year, according to ICIS data.
The Sasol-INEOS transaction is subject to approval by the relevant competition law authorities, Sasol said.
($1 = €0.73)
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