Sale of Pulcra Chemicals Now Formally Completed
November 4, 2008
MONHEIM, Germany - Global specialty chemicals supplier Cognis and Fashion Chemicals GmbH & Co. KG have announced that the sale of Pulcra Chemicals has now been formally completed. The sale is in line with Cognis’ strategy of focusing on its core businesses driven by the wellness and sustainability trends.
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 the regulatory approval obtained from relevant authorities. The cash proceeds from the transaction amount to EUR 23.1 million. Fashion Chemicals additionally took over EUR 15 million of financial liabilities (including debts 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 out into separate legal entities on July 1, 2007, and renamed Pulcra Chemicals.