Home / Knowledge / News / Textiles / Kemira & Rockwood to form leading TiO2 joint venture
Kemira & Rockwood to form leading TiO2 joint venture
24
May '08
Kemira Oyj and Rockwood Holdings Inc have agreed to form a joint venture that includes both parties´ titanium dioxide businesses and the functional additives business owned by Rockwood.

The transaction values Kemira's TiO2 business in excess of EUR 250 million and will result in a small capital gain for Kemira. In addition, the transaction will have a positive cash flow effect and reduce Kemira´s net debt by appr. EUR 120 million. The deal is subject to approval by the competition authorities and is expected to close during Q3 in 2008.

The new joint venture will include Rockwood´s titanium dioxide pigments and functional additives businesses, including its production facilities in Duisburg, Germany and Kemira´s titanium dioxide business, including Kemira´s titanium dioxide plant in Pori and Kemira´s technical research center specializing in TiO2 products in Oberhausen, Germany and its US subsidiary, Kemira Specialty, Inc Kemira´s TiO2 business had a turnover of appr. EUR 230 million in 2007 and operative EBITDA of slightly less than 14 %.

The new specialty titanium dioxide company will be headquartered in Germany and had a pro forma turnover of appr. EUR 560 million in 2007. The new company will have a yearly production capacity of around 240 000 tons of titanium dioxide and it will employ around 1 700 employees. Rockwood will own 61 % and Kemira 39 % of the new joint venture.

“This joint venture is an excellent way of developing the valueof our titanium dioxide business and it will provide a good platform for synergy creation e.g. through better capacity utilization” says Harri Kerminen, CEO of Kemira Group. “The new company will be a highly specialized titanium dioxide producer with strong market positions in global niche market segments. It will be the leading provider of titanium dioxide pigments for textile, packaging ink and cosmetics industries worldwide”, Kerminen continues.

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search