Clariant, Ashland sell ASK Chemicals JV to Rhône
Specialty chemical companies Clariant and Ashland have formally sold their joint venture
ASK Chemicals, headquartered in Hilden, Germany, to investment funds affiliated
with Rhône, a London and New York-based private equity investment firm.
The enterprise value of the transaction before debt and assumed liabilities amounts to CHF 310 million (EUR 257 million). After adjustments for debt and assumed liabilities, total pre-tax proceeds to the sellers will be approximately CHF 180 million (EUR 149 million), which includes CHF 155 million (EUR 128 million) in cash and a CHF 25 million (EUR 21 million) buyer note.
Proceeds will be
split evenly between Ashland and Clariant under terms of the 50/50 joint
venture.
“The
divestment of our stake in ASK Chemicals is part of our continuous active
portfolio management to reallocate capital towards our more profitable growth
areas,” said Hariolf Kottmann, CEO of Clariant.
With 1,800 employees in 25 countries ASK Chemicals is a leading foundry chemicals manufacturer. Its portfolio encompasses an exceptionally broad and innovative range of foundry resources such as binders, coatings, feeders, filters and release agents, as well as metallurgical products including inoculants, inoculation wires and master alloys for iron casting.
In full-year 2013 ASK
Chemicals generated revenues of EUR 513 million.
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