ALTANA Chemie sells coil coating business of Rhenania Coatings
ALTANA Chemie AG, the chemicals division of ALTANA AG, has sold the industrial coatings business of Rhenania Coatings GmbH, Grevenbroich to BASF Coat-ings AG, Münster. A respective agreement was signed on September 30, 2005; the completion of the taction is expected to take place in the fourth quarter of 2005 once the relevant anti-trust authorities have given their approval. Both parties have agreed not to disclose financial details of the transaction. The agreement involves the purchase of products, technologies and customer lists. Sites and production systems are not part of the deal. In 2004 the coil coatings business of Rhenania Coatings GmbH recorded sales of around EUR8m.
As announced, ALTANA Chemie has now completed the divestment of its industrial coatings activities in the Division Coatings & Sealants. Rhenania Coatings is now focusing on specialty coatings and coating problem solutions for the packaging industry, and is well equipped to do so in the future due to the modern production facility at the Grevenbroich plant. The sale of the industrial coatings activities of Rhenania Coatings is an-other, consequent step in the strategic reorientation of Coatings & Sealants: on fast-growing segments in the market for technically demanding secondary materials used in the manufacture of packaging.
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