Ciba Specialty Chemicals acquires remaining 50% stake in Daihan Swiss of Korea

25-Nov-2004

Ciba specialty chemicals announced the acquisition of the remaining 50 per cent stake in the Daihan Swiss Chemical Corporation in Korea for a consideration of 28.5 billion Korean Won (CHF 30.5 million). The transaction gives Ciba 100 per cent of the equity and is expected to take effect before the year end. It is subject to the customary regulatory approvals. Daihan Swiss makes and markets pigments and preparations for the Korean coatings, plastics and inks markets, and exports products globally through Ciba Specialty Chemicals. It has 225 employees and a state of the art research and development facility.

Increasing the stake to 100 per cent ownership allows Ciba Specialty Chemicals to bring new and patented technology into the business and thereby open up direct access to one of the largest markets in Asia outside of Japan. It also allows for synergies to be realized in the Coating Effects business in Korea, and to build on Daihan Swiss' existing considerable market share in pigments.

Chairman of the Board of Ciba Specialty Chemicals and Chief Executive Officer, Armin Meyer comments: "This acquisition supports our strategy to strengthen the Ciba Specialty Chemicals business in Asia and gives us the opportunity to develop the Korean market in high performance pigments and create a center of excellence there. We have been a joint venture partner in Daihan Swiss for 23 years now, and we are very pleased to take on full ownership and control."

https://www.chemeurope.com/en/news/41075/ciba-specialty-chemicals-acquires-remaining-50-stake-in-daihan-swiss-of-korea.html