Issue Date: May 26, 2008
Rockwood and Kemira Form TiO2 Venture
Rockwood Holdings and Kemira are combining their titanium dioxide businesses into a joint venture to be based in Germany. The venture—owned 61% by Rockwood and 39% by Kemira—values Kemira's TiO2 business at roughly $390 million. The deal is subject to approval by the competition authorities and is expected to close during the third quarter. The venture will include Rockwood's facility in Duisburg, Germany, and Kemira's plant in Pori, Finland. Both plants make specialty grades of TiO2 using the sulfate production process, the older of the two main TiO2 production processes. The new company would have had 2007 sales of about $870 million, roughly $360 million from Kemira, and around 1,700 employees. According to Kemira CEO Harri Kerminen, the company will be the world's leading provider of TiO2 pigments for textiles, packaging inks, and cosmetics.
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