09.06.05
Henkel KGaA has agreed to sell its chemical division Cognis to a consortium of financial investors comprised of Schroder Ventures and Goldman Sachs Capital Partners. The transaction is based on an enterprise value of $2.6 billion.
Henkel officials believe they have succeeded in finding purchasers who are able to support the continued successful development of Cognis and thereby offer the Cognis employees a promising perspective.
The definite purchase agreement was signed by the parties on Sept. 12,
2001. Closing is planned for end of November 2001. Due to the current uncertain conditions in the financial markets arising from the tragic events
in the U.S., Henkel has granted the absolute right to withdraw from the contract within two months.
Cognis, the former chemical products business of Henkel and a leading worldwide supplier of specialty chemicals, was carved out from Henkel in 1999. The three divisions of the Cognis Group – Oleochemicals, Care Chemicals and Organic Specialties – serve international manufacturers of detergents, cleaners and cosmetics, as well as other industrial customers. With 9,100 employees in 50 countries, Cognis generated sales of $2.96 billion in 2000 and accounted for 23 percent of total Henkel Group sales. In the first half-year of 2001, Cognis achieved an increase in sales of 4 percent to $1.375 billion. Operating profit rose by 3.6 percent to $106 million.
Schroder Ventures, headquartered in London, is a leading European private equity specialist, and has invested more than $2.9 billion in more than 400 companies.
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs, one of the oldest and largest investment banking firms in the world.
Henkel officials believe they have succeeded in finding purchasers who are able to support the continued successful development of Cognis and thereby offer the Cognis employees a promising perspective.
The definite purchase agreement was signed by the parties on Sept. 12,
2001. Closing is planned for end of November 2001. Due to the current uncertain conditions in the financial markets arising from the tragic events
in the U.S., Henkel has granted the absolute right to withdraw from the contract within two months.
Cognis, the former chemical products business of Henkel and a leading worldwide supplier of specialty chemicals, was carved out from Henkel in 1999. The three divisions of the Cognis Group – Oleochemicals, Care Chemicals and Organic Specialties – serve international manufacturers of detergents, cleaners and cosmetics, as well as other industrial customers. With 9,100 employees in 50 countries, Cognis generated sales of $2.96 billion in 2000 and accounted for 23 percent of total Henkel Group sales. In the first half-year of 2001, Cognis achieved an increase in sales of 4 percent to $1.375 billion. Operating profit rose by 3.6 percent to $106 million.
Schroder Ventures, headquartered in London, is a leading European private equity specialist, and has invested more than $2.9 billion in more than 400 companies.
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs, one of the oldest and largest investment banking firms in the world.