ZURICH, April 9 Swiss chemicals company Clariant
and U.S. chemical manufacturer Ashland Inc said
they had agreed to sell their joint venture ASK Chemicals to
funds affiliated with private equity investment firm Rhone.
Total pretax proceeds from the sale will be 180 million
Swiss francs ($203.6 million), after adjusting for debt and
assumed liabilities, Clariant said on Wednesday.
The sum includes 155 million Swiss francs in cash and a 25
million franc buyer note, it said.
The proceeds will be split evenly between Clariant and
Ashland, and the transaction is expected to close during the
third quarter of 2014, pending regulatory approval, the Swiss
Based in Germany, ASK Chemicals makes foundry chemicals and
metallurgical products, including coatings, filters and master
alloys for iron casting. It employs 1,800 people in 25
countries, and generated revenue of 513 million euros ($707.7
million) in 2013, Clariant said.
($1 = 0.8843 Swiss Francs)
($1 = 0.7249 Euros)
(Reporting by Alice Baghdjian; Editing by Gopakumar Warrier)