RAG's subsidiary Degussa sells industrial chemicals business
Degussa AG is parting from its industrial chemicals business via a management buyout. Through the buyout the Managing Director of Mannheim-based Goldschmidt TIB GmbH, Dr. Karsten Tiemann, takes over the activities in Germany and Mexico. The US business is to be sold separately. Silence has been agreed on details of the management buyout. The transaction - which is still subject to the approval of the relevant boards - should be completed before the end of this year.
Dr. Klaus Engel, Management Board Chairman of Degussa AG and Member of the Management Board of RAG Aktiengesellschaft: "With this transaction we have found a very good solution for all parties. We are parting with a non-core business activity in line with our approach of consistently optimizing our portfolio. At the same time we are providing the industrial chemicals business and its employees very promising perspectives for the future within a new owner structure."
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