Rockwood Holding Inc announced that they are set to sell CeremTech to Altana AG's Cinven Ltd. The deal was estimated at US$635 million. Rockwood Holding Inc's CeremTech is the makers of additives used in products like consumer and household-care products and industrial coatings. CeremTech reported annual sales of US$191.4 million for 2012.
Rockwood Chief Executive Officer, Seifi Ghasemi said, "The sale to Altana is another step forward in the implementation of our long term business strategy to maximize shareholder value."
Altana said that the acquisition brings the company growth opportunities and that they plan to expand the acquired business in Asia. Altana forecasted that sales will reach at least EUR1.9 billion.
"There are parts that interest us and parts that don't interest us," Chief Executive Officer Matthias Wolfgruber, said in an interview. "When a specialty chemicals asset comes on the market, we will look at it and if we have an interest we will join the bidding."
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