Industry News

Degussa closes the sale of Viatris

Published on 2002-08-30. Author : SpecialChem

Having received the necessary approval from the antitrust authorities, Degussa AG, Dusseldorf/Germany, has now closed the sale of VIATRIS GmbH & Co. KG to the global private equity firm, Advent International Corporation, Boston, USA. The purchase price was paid. VIATRIS, which is headquartered in Frankfurt/Germany, is a separate organizational and legal entity spun off from the Health Products business unit of Degussa's subsidiary ASTA Medica as part of the reorganization of these operations.

In the first six months of 2002, Degussa made good progress with the strategic restructuring of its portfolio, which was initiated last year. As part of its successful refocusing on specialty chemicals, since the start of this year the Degussa Group has divested five operations no longer ranked as core businesses. These are the gelatins and textile additives operations, SKW Piesteritz, Degussa Bank and Viatris. Degussa has now disposed of nearly 90 percent of the sales totaling EUR 6.5 billion identified for divestment.

Degussa is an entirely newly-formed, multinational corporation consistently aligned to highly profitable specialty chemistry. With sales of EUR12.9 billion and a workforce of some 53,400, it is Germany's third-largest chemical company and world market leader in specialty chemicals. In fiscal 2001, the corporation generated operating profits (EBITA) of more than EUR1 billion. Degussa's core strength lies in highly-effective system solutions tailored to the requirements of its customers in over 100 countries throughout the world. Its activities are led by the vision "Everybody benefits from a Degussa product - every day and everywhere".

Source: Degussa AG

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