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."
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