BASEL, Switzerland - Ciba Specialty Chemicals announced the acquisition of the remaining 50 percent stake in the Daihan Swiss Chemical Corp. in Korea for a consideration of 28.5 billion Korean won (CHF 30.5 million). The transaction gives Ciba 100 percent of the equity and is subject to the customary regulatory approvals.

Daihan Swiss makes and markets pigments and preparations for the Korean coatings, plastics and ink markets, and exports products globally through Ciba Specialty Chemicals. It has 225 employees and a state-of-the-art research and development facility. Increasing the stake to 100 percent ownership allows Ciba Specialty Chemicals to bring new and patented technology into the business and thereby open up direct access to one of the largest markets in Asia outside of Japan. It also allows for synergies to be realized in the Coating Effects business in Korea, and to build on Daihan Swiss' existing considerable market share in pigments.