Specialty chemicals supplier Cognis has signed an agreement to sell its Pulcra Chemicals subsidiary to Germany-based Fashion Chemicals GmbH & Co. KG (Fashion Chemicals) for €26.3 million. Fashion Chemicals is backed mainly by DSD Deri Sanayicileri Dis Ticaret A.S. (DSD), based in Istanbul, Turkey. The stakeholders of DSD include leading tanneries and leather manufacturers. The transaction is expected to be completed by the end of October 2008.
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. Pulcra operates production sites and service centers in Brazil, China, Germany, India, Indonesia, Italy, Mexico, Spain, Turkey and the U.S.
For more information, visitwww.cognis.com/company/Press+and+Media/Press+Releases/2008/080709_EN_CN+-+DARKSITE.htm.