Specialty chemicals supplier Cognis has signed an agreement to sell its Pulcra Chemicals subsidiary for €26.3 million to Germany's Fashion Chemicals GmbH & Co. KG, an investor backed by DSD Deri Sanayicileri Dis Ticaret A.S., from Istanbul, Turkey. The final transaction is expected to be completed by the end of October 2008.
Pulcra Chemicals, which supplies process chemicals to the textile and leather industries, was previously the Process Chemicals strategic business unit (SBU) of Cognis. Fashion Chemicals, backed by DSD, will provide connections within the leather goods industry.
“We are delighted to gain an investor to support us on building up our core business,” says Yusuf Aktalay, CEO of Pulcra Chemicals and CEO-designate of Fashion Chemicals. “With over 125 years of experience, we have an in-depth knowledge of both the regulatory environment in our key markets and also the prevailing trends relating to health and safety, ecological sustainability and wear comfort. We are therefore well placed for operational success as we move forward.”
"This transaction will enable Cognis to consistently focus on its innovation-driven growth markets of wellness and sustainability," adds Antonio Trius, CEO of Cognis.