Rhodia closes the sale of its North American specialty phosphates business to Bain Capital
Rhodia announced that it has closed the sale of its North American specialty phosphates business in accordance with the agreement signed on June 11th with Bain Capital.
Rhodia has therefore achieved a total of approximately 870 million euros from divestitures in 2004 at an average multiple of 10 times EBITDA. After closing adjustments, various fees and taxes, net proceeds from divestitures in 2004 will total approximately 760 million euros, substantially greater than the 700 million euro objective.
"The finalization of the divestiture program announced in October 2003 allows us to refocus Rhodia on a more limited portfolio of strategic businesses and reduce our debt" commented Jean-Pierre Clamadieu, CEO of Rhodia. We can now focus our resources on managing these businesses and improving Rhodia's overall performance to achieve our medium term objectives."
Other news from the department business & finance
Get the chemical industry in your inbox
By submitting this form you agree that LUMITOS AG will send you the newsletter(s) selected above by email. Your data will not be passed on to third parties. Your data will be stored and processed in accordance with our data protection regulations. LUMITOS may contact you by email for the purpose of advertising or market and opinion surveys. You can revoke your consent at any time without giving reasons to LUMITOS AG, Ernst-Augustin-Str. 2, 12489 Berlin, Germany or by e-mail at revoke@lumitos.com with effect for the future. In addition, each email contains a link to unsubscribe from the corresponding newsletter.