Home / Knowledge / News / Textiles / Cognis to sell its Pulcra Chemicals to Fashion Chemicals GmbH
Cognis to sell its Pulcra Chemicals to Fashion Chemicals GmbH
15
Jul '08
Specialty chemicals supplier Cognis has signed an agreement to sell its Pulcra Chemicals subsidiary to Germany based Fashion Chemicals GmbH & Co. KG for 26.3 million euros. The sale is in line with Cognis' strategy of focusing on its core businesses driven by the wellness and sustainability trends. Agreements respecting the transfer of the business and related transactions were signed in Düsseldorf, Germany.

Cognis will sell its Pulcra Chemicals subsidiary to Fashion Chemicals GmbH & Co. KG (“Fashion Chemicals”), an investor backed mainly by DSD Deri Sanayicileri Dis Ticaret A.S (“DSD”), based in Istanbul, Turkey, an organization with excellent connections within the leather goods industry. The stakeholders of DSD include leading tanneries and leather manufacturers.

The cash proceeds from the transaction will amount to 26.3 million euros. Approximately 9 percent of the cash proceeds will be financed by members of Pulcra Chemical's senior management team. Fashion Chemicals additionally took over 15 million euros of financial liabilities (including debts and pensions). The final transaction is subject to usual closing conditions including regulatory approvals and is expected to be completed by the end of October 2008.

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. Pulcra operates production sites and service centers in Brazil, China, Germany, India, Indonesia, Italy, Mexico, Spain, Turkey and the USA. In 2007, Pulcra Chemicals reported external sales of 246 million euros.

Antonio Trius, CEO of Cognis, comments: “We are sure that Fashion Chemicals supported by DSD with its deep understanding of market requirements is an excellent fit and will help Pulcra Chemicals to develop its business successfully as well as safeguard its long-term competitiveness. This transaction will enable Cognis to consistently focus on its innovation-driven growth markets of wellness and sustainability.”

“We are delighted to gain an investor to support us on building up our core business,” says Yusuf Aktalay, CEO of Pulcra Chemicals and CEO-designate of Fashion Chemicals GmbH & Co KG. “With over 125 years of experience, we have an in-depth knowledge of both the regulatory environment in our key markets and also the prevailing trends relating to health and safety, ecological sustainability and wear comfort. We are therefore well placed for operational success as we move forward.”

Cognis GmbH


Must ReadView All

VF Corporation to split into two independent companies

Apparel/Garments | On 14th Aug 2018

VF Corporation to split into two independent companies

VF Corporation, a global leader in branded lifestyle apparel,...

Courtesy: Good On You

Apparel/Garments | On 14th Aug 2018

Good On You in Oz adds 500 European brands to rating app

Australia-based Good On You’s brand-rating app has recently added 500 ...

Courtesy: USDA/FAS

Textiles | On 14th Aug 2018

US cotton exports in 2017-18 highest in over a decade

Cotton exports from the US in 2017-18 reached their highest level...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Rupa Sood and Sharan Apparao
Nayaab

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

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

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

Leave your Comments


August 2018

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

news category


Related Categories:

Advanced Search