Acordis transfers activities to new fibres company
ollowing the announcement of the formation of a new fibres company (“NewCo”) within the CVC-group, which owns 64% of Acordis shares, Acordis today announced the proposed transfer of several of its businesses to NewCo.
The formation of NewCo by CVC Capital Partners (“CVC”) was announced after CVC and Bank Austria entered into an agreement, under which CVC will acquire, subject to regulatory approval, around 80% of the shares of Lenzing AG through Bank Austria. The new company will combine Lenzing’s activities with the relevant fibres operations of Acordis. The Acordis activities to be transferred include viscose staple, Tencel, viscose filament (Enka), acetate filament (Novaceta, 50% owned), industrial rayon yarn (Cordenka), and the acrylic fibre operation in Kelheim. Together they have sales of approximately 800 million Euro and 4,600 employees. The transaction is subject to regulatory approvals.
Folkert Blaisse, CEO of Acordis, said: ‘These transactions will lead to the creation of a strong, cellulose-based fibres company which will benefit from the new structure.’
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