Degussa plans to sell SKW Piesteritz-Group

Divestment activities progressing rapidly/Third successful project in the year 2002

05-Apr-2002
In line with its consistent focus on specialty chemicals, Degussa AG of Dusseldorf, plans to sell the SKW Piesteritz-Group. To this end a Memorandum of Understanding has been signed with the Swiss Ameropa Holding AG and Agrofert Holding a.s., based in the Czech Republic. The divestment process will be taking place step by step, whereby the new owner, a Swiss stock corporation that has already been set up on a 50:50 basis by the two parties, will initially be acquiring a 51% share in SKW Piesteritz Holding GmbH and assuming management of the business. As Prof. Dr. Utz-Hellmuth Felcht, Management Board Chairman of Degussa commented: "The sale will position SKW Piesteritz as a central element of a growing central European fertilizer corporation. This will open up interesting perspectives for the company." The sale will be subject to approval by the national antitrust authorities and the respective issues are expected to be concluded in June 2002.

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