Rhodia signs agreement for sale of its european industrial fibers business to Butler Capital
Paris, December 5, 2006 ----- Rhodia today announced the signing of an agreement for the sale of its European industrial fibers business to Butler Capital Partners. This business employs 1,200 people, based in Germany , Latvia , Poland , Slovakia and Switzerland .
The divestiture of this business, classified in «Discontinued Operations » in the second quarter 2006, reduces the Group’s consolidated net sales 2005 by €163 million.
The transaction is expected to be finalized in the coming weeks, once all necessary legal authorizations have been obtained.
«This transaction is in line with our strategy to refocus on businesses in which we hold strong leadership positions », commented Rhodia Chief Executive Officer Jean-Pierre Clamadieu. «For our Polyamide activity, our strategy is to strengthen our leading position by building future growth in Intermediates and Engineering Plastics, developing innovative solutions for our customers and further consolidating our industrial footprint, particularly in Asia ».
Butler Capital Partners is a leading private equity company. Over the last 15 years, the group has acquired wide experience in France ’s industrial and entrepreneurial framework. Operating in a variety of business sectors, it has made major investments in BDDP (advertising group), Atys (world leader in fresh fruit preparation), Ipsos (#2 in market research), Flo (French leader in catering), PSG, Abrium (distribution of safety equipment), César (world leader for party-related items), SNCM, France Champignon (joint leader in Europe ) .
Rhodia is a global specialty chemicals company recognized for its strong technology positions in the Performance Materials, Functional Chemicals and Organics and Services clusters. Partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets, Rhodia offers tailor-made solutions combining original molecules and technologies to respond to customers’ needs. Rhodia subscribes to the principles of Sustainable Development communicating its commitments and performance openly with stakeholders. Rhodia generated sales of €5 billion in 2005 and employs around 19,500 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange.
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