The Royal Dutch/
Shell Group of Companies (Shell) today announced the
completion of the last sale in its extensive
chemicals divestment
programme. The sale of the global KRATON™ Polymers business to
Ripplewood Holdings L.L.C., a private equity investment firm based in New
York, ends the programme first outlined in December 1998.
The divestment programme is in line with the strategic drive of the Shell
Group's
chemicals companies to focus on those businesses closer to base
and intermediate chemical
building blocks, typically high-volume
petrochemicals.
The programme has produced a $5.7 billion reduction in capital employed
by the Group in chemicals businesses compared with the original $5 billion
target.
"By completing the divestment programme we have reached a major
milestone in implementing our strategy for Shell's chemicals business,"
said Evert Henkes, CEO of Shell Chemicals Limited. "With our new, more
focused portfolio, Shell Chemicals is better positioned than ever for
world-class performance and for creating exceptional value for customers."
The
Kraton Polymers business manufactures and markets thermoplastic
elastomers which are used in applications such as
adhesives and
sealants,
asphalt/
bitumen modification, footwear, and moulded and extruded
products. The manufacturing
plants are in the United States, The
Netherlands,
Germany,
France,
Brazil and
Japan (via a joint venture with
JSR Corporation). In addition, there are global
sales and
marketing
networks and research and development facilities. The business has annual
revenues of approximately $600 million. General terms and conditions of
the transaction as well as the purchase price were not disclosed.