BASEL, Switzerland - Ciba Specialty Chemicals has sold its Textile Effects business to Huntsman Corp., The Woodlands, Texas, for a consideration of CHF 332 million, consisting of cash and assumed debt of CHF 75 million. Approximately 4,000 employees of the Textile Effects business and support functions transferred to Huntsman.

"With the completion of the divestment of the Textile Effects business, Ciba Specialty Chemicals has one of the most focused business portfolios within our industry. Focusing on the core businesses Plastic Additives, Coating Effects and Water & Paper Treatment, we will strengthen the company's overall position," said Armin Meyer, Ciba's chairman of the board and CEO.