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The transaction follows the signing of an agreement to sell Cognis’ subsidiary Pulcra Chemicals to Fashion Chemicals GmbH & Co. KG (“Fashion Chemicals”) and is based on regulatory approval obtained from relevant authorities. Cash proceeds from the transaction amount to €23.1 million. Fashion Chemicals also took over €15 million of financial liabilities (including debt and pensions).
Pulcra Chemicals, which supplies process chemicals to the textile and leather industries, was previously the Process Chemicals strategic business unit (SBU) of Cognis. The SBU was carved into separate legal entities on July 1, 2007, and renamed Pulcra Chemicals.
For more information, visit www.cognis.com.