ALTANA Chemie AG has announced plans to divest its Austrian subsidiary, Rembrandtin Lack Ges.m.b.H. to EK Mittelstands-finanzierung AG, a private equity fund of Bank Austria Creditanstalt AG. Financial details were not released.
Rembrandtin, based in Vienna, is part of Altana’s coatings and sealants business unit. Specializing in industrial coatings and road marking paint, it generated sales of approximately €33 million in 2004.
By selling Rembrandtin, Altana Chemie is close to exiting the industrial coatings market. The disposal of its remaining peripheral activities in this area is expected this year, according to the company.
“The sale of Rembrandtin is a logically consistent step in the strategic realignment of Altana Coatings & Sealants, to withdraw from the area of industrial coatings and concentrate on expansion in fast-growing niches of specialty chemicals, such as chemical solutions for flexible packaging,” said Guido Forstbach, business unit manager and managing director of Altana Coatings & Sealants GmbH. “We are therefore following the strategy of being only active in areas that require high rates of innovation and a high demand for technical support.”
EK Mittelstandsfinanzierung AG will be taking over the company, including the site in Vienna and all 127 employees.