- Email: [email protected]
Koppers buys Cindu Chemicals
FOCUS northeast of Lyon. The company became part of the British Vita group in 1995. Silvergate Plastics (another masterbatch producer, based in Wrexham, North Wales) became part of the British Vita group in 1997. Until the management buy-out at Silvergate in 2008, the two companies enjoyed a measure of technical cooperation. Elian now has about 100 employees and reported sales revenue at €23 M in 2008. It plans to raise its profile in export markets, especially within the EU and francophone countries, aiming to increase its export/sales ratio to 10-20% by 2012. Plastiques et Caoutchoucs Magazine, Oct 2009, (870), 25 (in French)
Kiri to buy DyStar assets with blessing of insolvency administrators On 10 December 2009, it was announced that Kiri Dyes & Chemicals Ltd (of Ahmedabad, India) had agreed to buy major elements of the DyStar group (headquartered in Frankfurt, Germany), including four plants in Germany and 36 international DyStar subsidiaries. The value of the transaction was not officially disclosed, but estimates published in the Indian business press were in the range of €105-130 M. The acquisition is effectively a reverse takeover: Kiri (with annual sales revenue of around €40 M) is a much smaller company than DyStar (with annual sales revenue of around €800 M). DyStar, one of the world’s leading producers of dyes and textile chemicals, was once owned 35% by Bayer, 35% by Aventis (formerly Hoechst) and 30% by BASF. Its entire share capital was sold to Platinum Equity LLC (of Los Angeles) in August 2004. Faced with mounting losses and a cashflow crisis, DyStar declared insolvency on 28 September 2009 and the Frankfurt Insolvency Court appointed two attorneys – Dr Stephan Laubereau and Dr Miguel Grosser – for supervising the company’s plans for managing the business, including possible asset sales, plant closures, etc. (See ‘Focus on Pigments’, Dec 2009, 7). Following an intensive search for investors, three potential buyers were shortlisted for the final stage of
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negotiations and Kiri’s proposals were deemed to be the most suitable. This entails taking over four out of the five DyStar sites in Germany – at Frankfurt, Leverkusen, Ludwigshafen and Brunsbüttel, along with 36 international subsidiaries. Dr Grosser and Dr Laubereau said: “The concept presented by Kiri may make it possible to preserve the DyStar group as a going concern.” Under Kiri’s proposal, 800 out of the 1300 DyStar workers in Germany would be transferred to Kiri; also 1200 out of the 2400 DyStar workers outside Germany would be transferred to Kiri. DyStar’s operations at Geretsried (Bavaria) were excluded from the Kiri deal. A committee of DyStar’s creditors has already approved the Kiri acquisition. Subject to approval by the anti-trust authorities and subject to Kiri finalising finance for the acquisition, the purchase agreement should be formally implemented in January 2010. This would set the stage for resuming production at the Brunsbüttel and Leverkusen sites. Indigo production at Ludwigshafen will carry on without interruption.
also ‘Focus on Pigments’, Jun 2008, 4). The Shanghai centre will have a workforce of 30 people. Its sales target for fiscal year to end-March 2013 has been set at Yen 6.2 bn (equivalent to around $66 M).
Press Release from: DyStar, Frankfurt am Main, KG 65926, Germany, website: http://www.dystar.com (10 Dec 2009) & Handelsblatt Wirtschafts- und Finanzzeitung, 11 Dec 2009, (240), 22 (in German) & Business Standard, 2 Dec 2009, 12 (131), I.2
Press Release from: Rockwood Holdings Inc, 100 Overlook Center, Princeton, NJ 08540, USA, website: http://www.rockwoodspecialties.com (1 Nov 2009)
Koppers buys Cindu Chemicals Koppers Holdings Inc (of Pittsburgh, PA) has signed a letter of intent to acquire the entire business and assets of Cindu Chemicals. Cindu Chemicals has a 140,000 tonnes/y tar distillation plant at Uithoorn (Netherlands) and is a significant supplier of carbon black feedstock. Koppers already has 800,000 tonnes/y of tar distillation capacity in the US and 225,000 tonnes/y in Europe. Chemical Week, 14 Dec 2009, (Website: http://www.chemweek.com)
Nippon Kayaku opens Shanghai sales HQ Nippon Kayaku established a new regional sales headquarters in Shanghai, effective 1 January 2010, representing another step in the company’s strategy to shift its textile colorants and fluorescent paper dyes business from Japan to China. (See
Japan Chemical Web, 3 Dec 2009, (Website: http://www.japanchemicalweb.jp)
Rockwood & Grace renew sales alliance for certain concrete colorants Rockwood Color Pigments & Services Division and WR Grace Construction Products have extended their alliance to jointly distribute Rockwood’s Chameleon liquid colour dosing system and concrete colour products in North America. These products are mainly based on iron oxide pigments. Grace has distributed Rockwood’s products and systems exclusively to the ready-mix and precast concrete products sector since July 2003. The alliance does not include the masonry, paver, roof tile, coatings, plastics and speciality industries, which continue to be serviced solely by Rockwood.
Sumitomo Osaka Cement invests in Kobo to promote ZnO in cosmetics Kobo Products Inc is a leading global supplier of cosmetic ingredients, with headquarters in South Plainfield, NJ (in the US). It is a private company, with 40 employees and annual sales revenue estimated at $7.5 M. Sumitomo Osaka Cement (of Tokyo) recently made a significant investment in Kobo Products, valued at $3 M, with legal assistance from Blank Rome LLP. The rationale for the investment was mainly to accelerate Sumitomo Osaka’s sales of nanoparticulate zinc oxide to the North American cosmetics sector. The company believes that inorganic zinc oxide is rapidly displacing organic chemicals such as avobenzone, benzophenones, cinnamates and salicylates as an ultraviolet absorber in sunscreens and other cosmetic products. Japan Chemical Web, 25 Dec 2009, (Website: http://www.japanchemicalweb.jp)
FEBRUARY 2010
Kiri to buy DyStar assets with blessing of insolvency administrators On 10 December 2009, it was announced that Kiri Dyes & Chemicals Ltd (of Ahmedabad, India) had agreed to buy major elements of the DyStar group (headquartered in Frankfurt, Germany), including four plants in Germany and 36 international DyStar subsidiaries. The value of the transaction was not officially disclosed, but estimates published in the Indian business press were in the range of €105-130 M. The acquisition is effectively a reverse takeover: Kiri (with annual sales revenue of around €40 M) is a much smaller company than DyStar (with annual sales revenue of around €800 M). DyStar, one of the world’s leading producers of dyes and textile chemicals, was once owned 35% by Bayer, 35% by Aventis (formerly Hoechst) and 30% by BASF. Its entire share capital was sold to Platinum Equity LLC (of Los Angeles) in August 2004. Faced with mounting losses and a cashflow crisis, DyStar declared insolvency on 28 September 2009 and the Frankfurt Insolvency Court appointed two attorneys – Dr Stephan Laubereau and Dr Miguel Grosser – for supervising the company’s plans for managing the business, including possible asset sales, plant closures, etc. (See ‘Focus on Pigments’, Dec 2009, 7). Following an intensive search for investors, three potential buyers were shortlisted for the final stage of
6
ON
PIGMENTS
negotiations and Kiri’s proposals were deemed to be the most suitable. This entails taking over four out of the five DyStar sites in Germany – at Frankfurt, Leverkusen, Ludwigshafen and Brunsbüttel, along with 36 international subsidiaries. Dr Grosser and Dr Laubereau said: “The concept presented by Kiri may make it possible to preserve the DyStar group as a going concern.” Under Kiri’s proposal, 800 out of the 1300 DyStar workers in Germany would be transferred to Kiri; also 1200 out of the 2400 DyStar workers outside Germany would be transferred to Kiri. DyStar’s operations at Geretsried (Bavaria) were excluded from the Kiri deal. A committee of DyStar’s creditors has already approved the Kiri acquisition. Subject to approval by the anti-trust authorities and subject to Kiri finalising finance for the acquisition, the purchase agreement should be formally implemented in January 2010. This would set the stage for resuming production at the Brunsbüttel and Leverkusen sites. Indigo production at Ludwigshafen will carry on without interruption.
also ‘Focus on Pigments’, Jun 2008, 4). The Shanghai centre will have a workforce of 30 people. Its sales target for fiscal year to end-March 2013 has been set at Yen 6.2 bn (equivalent to around $66 M).
Press Release from: DyStar, Frankfurt am Main, KG 65926, Germany, website: http://www.dystar.com (10 Dec 2009) & Handelsblatt Wirtschafts- und Finanzzeitung, 11 Dec 2009, (240), 22 (in German) & Business Standard, 2 Dec 2009, 12 (131), I.2
Press Release from: Rockwood Holdings Inc, 100 Overlook Center, Princeton, NJ 08540, USA, website: http://www.rockwoodspecialties.com (1 Nov 2009)
Koppers buys Cindu Chemicals Koppers Holdings Inc (of Pittsburgh, PA) has signed a letter of intent to acquire the entire business and assets of Cindu Chemicals. Cindu Chemicals has a 140,000 tonnes/y tar distillation plant at Uithoorn (Netherlands) and is a significant supplier of carbon black feedstock. Koppers already has 800,000 tonnes/y of tar distillation capacity in the US and 225,000 tonnes/y in Europe. Chemical Week, 14 Dec 2009, (Website: http://www.chemweek.com)
Nippon Kayaku opens Shanghai sales HQ Nippon Kayaku established a new regional sales headquarters in Shanghai, effective 1 January 2010, representing another step in the company’s strategy to shift its textile colorants and fluorescent paper dyes business from Japan to China. (See
Japan Chemical Web, 3 Dec 2009, (Website: http://www.japanchemicalweb.jp)
Rockwood & Grace renew sales alliance for certain concrete colorants Rockwood Color Pigments & Services Division and WR Grace Construction Products have extended their alliance to jointly distribute Rockwood’s Chameleon liquid colour dosing system and concrete colour products in North America. These products are mainly based on iron oxide pigments. Grace has distributed Rockwood’s products and systems exclusively to the ready-mix and precast concrete products sector since July 2003. The alliance does not include the masonry, paver, roof tile, coatings, plastics and speciality industries, which continue to be serviced solely by Rockwood.
Sumitomo Osaka Cement invests in Kobo to promote ZnO in cosmetics Kobo Products Inc is a leading global supplier of cosmetic ingredients, with headquarters in South Plainfield, NJ (in the US). It is a private company, with 40 employees and annual sales revenue estimated at $7.5 M. Sumitomo Osaka Cement (of Tokyo) recently made a significant investment in Kobo Products, valued at $3 M, with legal assistance from Blank Rome LLP. The rationale for the investment was mainly to accelerate Sumitomo Osaka’s sales of nanoparticulate zinc oxide to the North American cosmetics sector. The company believes that inorganic zinc oxide is rapidly displacing organic chemicals such as avobenzone, benzophenones, cinnamates and salicylates as an ultraviolet absorber in sunscreens and other cosmetic products. Japan Chemical Web, 25 Dec 2009, (Website: http://www.japanchemicalweb.jp)
FEBRUARY 2010