Kemira Oyj and Rockwood Holdings Inc. have signed an agreement, according to which Rockwood buys Kemira’s share (39%) of the titanium dioxide (TiO2) joint venture Sachtleben GmbH. The transaction price of the deal is €97.5 million and will impact Kemira’s cash flow positively in the first quarter of 2013. Kemira will undertake a non-recurring write-down related to the transaction of approximately €25 million, impacting Kemira’s reported EBIT in the first quarter of 2013.
The joint venture Sachtleben GmbH, which was established in September 2008 by combining Kemira Oyj’s and Rockwood Holdings Inc’s TiO2 businesses, is a leading producer of specialty TiO2 pigments for the synthetic fiber, packaging inks, cosmetics, pharmaceutical and food industries.
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