Cognis sells Cognis Oleochemicals stake
Specialty chemicals supplier Cognis has sold its 50% stake in the Cognis Oleochemicals joint venture to PTT Chemical International Private Ltd., a Singapore-based, wholly-owned subsidiary of PTT Chemical Public Company Limited.
The final transaction is subject to usual closing conditions and is expected to be completed by the end of September. The stake was sold for approximately €104 million in cash, representing an enterprise value of €285 million for the whole joint venture company.
PTT Chemical is Thailand’s largest producer of olefins and associated products, while Cognis Oleochemicals is a major producer of natural-based oleochemical products. It operates production sites in Europe, North America, and Asia and achieved sales of €729 million in 2007.
