ALTANA acquires metallic pigments and printing inks business of Wolstenholme Group Ltd.
Thursday, June 21, 2007
Press release from the issuing company
6/20/2007 -- ALTANA AG, which now concentrates on the specialty chemicals business, signed a contract to acquire the worldwide effect pigments business of the British company Wolstenholme Group Ltd. In 2006, Wolstenholme achieved sales of about €29 million in this business area. The purchase price for the business is €24 million. Rutland Partners LLP, a financial investor, is the majority owner of the company, which was founded in 1938. The acquisition is subject to approval by the antitrust authorities.
The acquired business comprises bronze and aluminum pigments as well as printing inks based on these pigments for the graphic arts, coatings and plastics industries. The business will be integrated into ECKART, ALTANA’s Effect Pigments division, which generated sales of €339 million in 2006. ALTANA will not take over Wolstenholme’s production plants and employees in Great Britain. Instead, ECKART is going to increase the production capacities in its main factory in the Franconian town of Güntersthal (Bavaria) accordingly. Wolstenholme will continue to carry out the production of effect pigments on behalf of ECKART until the transfer of the production to Germany will have been fully completed.
“We are happy to purchase the effect pigments activities of Wolstenholme, a successful business with a long tradition,“ commented Dr. Matthias L. Wolfgruber, CEO of ALTANA AG. “The acquired business is a perfect fit for ALTANA and the acquisition underlines our growth ambitions.“
“In the medium term, we will invest about €10 million in our site in Güntersthal in order to take over the production from Wolstenholme,” Dr. Christoph Schlünken, President Division Effect Pigments, emphasized the importance of the transaction.