Kemira has sold its food and pharmaceuticals business to Niacet
Kemira Oyj has agreed to sell 100% of the shares in Kemira ChemSolutions B.V. to Niacet Corporation for a consideration of Euro 82 million. The transaction is expected to close on January 31, 2013.
Kemira ChemSolutions B.V. is one of the global market leaders in the production, application and distribution of organic acid salts. The business sold includes food, pharmaceutical and acetate based chemicals businesses and a manufacturing site in Tiel, the Netherlands. These businesses are currently part of Kemira’s ChemSolutions segment. The other businesses of the ChemSolutions segment, including the chemical, feed and de-icing business, which are linked to Kemira’s formic acid production in Oulu (Finland), will stay within Kemira. The businesses sold have a combined revenue of approximately EUR 50 million. “ChemSolutions’ food, pharmaceutical and acetate based chemicals businesses are not part of our core business. There are more synergies for these businesses with Niacet’s current portfolio and Niacet is committed to develop the business further”, said Wolfgang Büchele, Kemira’s President and CEO.
Lincoln International acted as the exclusive financial advisor to Kemira Oyj, working closely with the Company’s internal team throughout the sale process. This included providing advisory expertise and managing the preparatory, due diligence and negotiation phases of this complex carve-out transaction.
Matti Lapinleimu, VP M&A at Kemira Oyj commented, “We have selected Lincoln International to advise us in this process on the basis of its strong position in Chemicals M&A, global reach in combination with local execution capabilities in the Netherlands. The Lincoln team showed strong commitment and excellent work quality throughout this complex transaction process”.
Kemira is a global over two billion euro water chemistry company that is focused on serving customers in water-intensive industries. The Company offers water quality and quantity management that improves customers’ energy, water, and raw material efficiency. Kemira’s vision is to be a leading water chemistry company.
Established in 1924, Niacet has been a family owned since 1978. The company produces propionates, acetates, MCAA and other emulsifiers focused on the bakery and pharmaceutical industry.
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