Chemical maker Huntsman to acquire textile business of Ciba
20 Feb '06
3 min read
Commodity chemicals maker Huntsman Corporation's President and CEO Peter R Huntsman announced that the company has entered into a definitive agreement to acquire the global Textile Effects business of Ciba Specialty Chemicals Inc for CHF 332 ($253 million).
Headquartered in Basel, Switzerland, the Textile Effects business manufactures a broad range of chemical and dye products that enhance the performance properties and color of finished textiles and materials.
It serves over 10,000 customers located in 80 countries and is the leading global supplier of comprehensive solutions for the textile industry.
The business has approximately 4,200 employees and operates eleven primary manufacturing facilities located in eight countries.
The Textile Effects business had 2005 revenues of approximately CHF 1.3 billion ($1 billion) which represents approximately 17 percent of Ciba's total 2005 revenues.
The business had 2005 EBITDA of approximately CHF 115 million ($92 million).
Huntsman commented, "The Textile Effects acquisition will compliment their existing formulation businesses and provide their Performance Products segment with new downstream technology and marketing platforms.
It is consistent with corporate strategy to continue to expand their differentiated segments through high return growth projects.
They believe the global demand for textile solutions will continue to grow, and there remain significant opportunities for the existing Textile Effects management team and Huntsman to continue to restructure this business to meet the changing demands of the marketplace.
marketing@alchempro.com
