Ciba Specialty Chemicals announced that the agreed sale of its Textile Effects business to Huntsman Corporation was completed at the end of June 2006.
The business, including its assets and liabilities, was sold for CHF 332 million ($266 million), consisting of cash and assumed debt. Approximately 4,000 employees of the Textile Effects business and support functions transferred to Huntsman. Ciba announced the agreement to sell this business to Huntsman on Feb. 20, 2006.
“We are pleased to have successfully concluded the sale of the Textile Effects business to Huntsman after a complex but fast separation process. We wish our transferring colleagues and the new business owner a successful future,” Armin Meyer, chairman of the board and CEO of Ciba Specialty Chemicals, said. “With the completion of the divestment of the Textile Effects business, Ciba Specialty Chemicals has one of the most focused business portfolios within our industry. Focusing on the core businesses Plastic Additives, Coating Effects and Water & Paper Treatment, we will strengthen the company’s overall position.”