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Rockwood-Kemira to form TiO2 pigments JV in Europe

26
May '08
Rockwood Holdings Inc and Kemira Oyj announced they have agreed to form a joint venture that will be one of the world's leading producers of specialty TiO2 pigments.

The joint venture will combine Rockwood's TiO2 pigments and functional additives business, including its production facilities in Duisburg, Germany, and Kemira's TiO2 business, including Kemira's TiO2 plant in Pori, Finland.

Rockwood's business, Sachtleben Chemie, is the leading producer of specialty TiO2 pigments for the synthetic fiber industry.

Kemira is a leading producer of specialty TiO2 pigments for packaging inks and specialty TiO2 grades for the cosmetics, pharmaceutical and food industries.

The production facilities of both companies are based on the sulphate process, and both have strong capabilities in the development of nanoparticles for specialty applications. Rockwood will retain ownership of Sachtleben's water treatment business.

The joint venture will purchase Rockwood's Sachtleben business and Kemira's TiO2 pigments business and will finance the venture with a 300 million Euro term loan and a 30 million Euro revolving loan.

The joint venture will be headquartered in Germany and be 61 percent owned by Rockwood and 39 percent owned by Kemira. The joint venture had pro forma revenues of approximately 556 million Euros for 2007.

Commenting on the new venture, Seifi Ghasemi, chairman and chief executive officer of Rockwood, said, “This joint venture is a strategically important step that combines two of the best TiO2 production facilities in Europe.


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