DyStar may have found a buyer
16/12/2009
The upheavel at specialist chemicals provider DyStar may soon be over as the administrators, who have been running the company since it filed for insolvency in September, have announced that Indian company Kiri Dyes and Chemicals (KDCL) has emerged as a potential buyer.
In a statement on December 10, one of the lead administrators, Miguel Grosser, said: “We have found an investor willing to buy the operations and the sites in Frankfurt, Leverkusen, Ludwigshafen and Brunsbüttel. This means that up to 800 jobs in Germany and some 2,000 worldwide may be saved.”
The statement went on to say that KDCL had already signed a purchase agreement to take over the operations of the DyStar Group at four of its five German sites, along with 36 international subsidiaries. The site at Geretsried was not included in the deal.
“The concept presented by KDCL may make it possible to preserve the DyStar Group as a going concern,” the administrators said.
Creditor committees have already agreed to the deal, but it is still subject to the availability of financing and the necessary approval of the competition authorities. Mr Grosser said that the purchase agreement could be finalised as early as January 2010.
He said the administrators would continue to look for alternative investors for the Geretsried site.
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