Ripplewood Holdings L.L.C. offers EUR 230 million for Akzo Nobel Phosphorus Chemicals business

27-Apr-2004

Akzo Nobel has received an offer from Ripplewood Holdings L.L.C. for the sale of its Phosphorus Chemicals business for EUR 230 million free of cash and debt. The intention to divest this business was announced in September 2003, with the purpose of creating more financial room to maneuver for the Company. Closing of the transaction is expected to be completed in the second quarter of 2004. The deal involves all assets and all current employees of the business. Employee representative bodies and unions have been informed and consultation procedures will commence shortly, where applicable. The required regulatory approvals will be sought as and when appropriate. Phosphorus Chemicals is an industry leader relative to the worldwide manufacture, distribution and service of organophosphorus flame retardants, plasticizers, and lubricants. Applications include engineered resins, plastics, urethane foams, oil additives, fire-resistant fluids and turbine oils. Products are supplied worldwide from production locations in Germany (Bitterfeld) and the United States (Gallipolis Ferry, West Virginia). The business has approximately 280 employees worldwide and had annual revenues of approximately EUR 187 million in 2003.

https://www.chemeurope.com/en/news/36927/ripplewood-holdings-l-l-c-offers-eur-230-million-for-akzo-nobel-phosphorus-chemicals-business.html