12 Dec 2006
Paris - French chemical concern Rhodia SA has agreed to sell its industrial fibres business to Butler Capital Partners, a Paris-based private private equity firm.
Rhodia's industrial fibres business processes nylon and polyester industrial yarns into fibres used by the tyre, mechanical rubber, ropes, nets and other industries. It employs 1200 at facilities in Germany, Latvia, Poland, Slovakia and Switzerland and generates about €163 million. in annual sales.
The transaction is expected to be finalised in the coming weeks, once all necessary legal authorisations have been obtained.
"This transaction is in line with our strategy to refocus on businesses in which we hold strong leadership positions," said Rhodia CEO Jean-Pierre Clamadieu.
Rhodia's industrial fibres business started life in Switzerland in 1906 as Société de la Viscose Suisse, later shortened to Viscosuisse. It became part of Rhone-Poulenc in 1990 and then Rhodia in 1998.
Butler Capital Partners has been investing in French business for the past 15 years. Among its holdings is the rubber machinery maker Rep SA.
From Rubber & Plastics News (A Crain publication)
Press release from Rhodia
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