Cognis has signed an agreement to sell its Pulcra Chemicals subsidiary to Fashion Chemicals GmbH & Co. KG for €26.3 million.
The sale is in line with Cognis’ strategy of focusing on its core businesses driven by the wellness and sustainability trends.
Fashion Chemicals GmbH & Co. KG is an investor backed mainly by DSD Deri Sanayicileri Dis Ticaret A.S, based in Istanbul, Turkey, an organization with excellent connections within the leather goods industry.
The final transaction is subject to usual closing conditions, and is expected to be completed by the end of October 2008.
Pulcra Chemicals, which supplies process chemicals to the textile and leather industries, was previously the Process Chemicals strategic business unit (SBU) of Cognis. In 2007, Pulcra Chemicals reported external sales of €246 million.