Kemira sells ChemSolutions' food and pharma businesses to Niacet
Finland-based water chemistry specialist Kemira Oyj (OMX: KRA1V) has signed an agreement to sell its food and pharmaceutical businesses together with its acetate based chemicals business to US company Niacet Corp, for a transaction value of 82 million euros ($106 million).
These businesses are a part of Kemira's ChemSolutions segment. All shares of Kemira ChemSolutions BV, including the manufacturing site in Tiel (Netherlands), will be transferred to Niacet. The other businesses of the ChemSolutions segment, including the chemical, feed and de-icing business, which are linked to Kemira's formic acid production in Oulu (Finland), will stay within Kemira.
The businesses sold have a combined revenue of around 50 million euros. 90 employees will be transferred to Niacet as part of the transaction which is expected to close on January 31, 2013.
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