Stahl in talks to buy Clariant leather services unit
PARIS Oct 30 (Reuters) - Dutch dyes and coatings company Stahl is in exclusive talks to buy the leather services business of Swiss specialty chemicals group Clariant, Stahl owner Wendel said in a statement on Wednesday.
The leather services unit had sales of 255 million euros ($351 million) and earnings before interest, tax, depreciation and amortisation (EBITDA) of 23 million in 2012, French investment group Wendel said.
The deal "would enable Stahl to strengthen its offering across the entire leather finishing value chain, notably downstream in leather finishing and upstream in wet-end processing, and to further increase its exposure to the Asia-Pacific region," Wendel said.
Clariant would receive 23 percent of the shares of Stahl and a cash payment of about 70 million euros, Wendel said. Wendel would remain the principal shareholder, with about 70 percent of Stahl's capital. ($1 = 0.7262 euros) (Reporting by James Regan)
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