Wesel, January 07, 2004
ALTANA Chemie Acquires Electrical Insulation Business of Ranbar
Bad Homburg/ Wesel, Germany, January 7, 2004 - ALTANA Chemie AG, the specialty chemicals business of ALTANA AG (NYSE: AAA; FSE: ALT), has acquired today through its US subsidiary P.D. George the electrical insulation business of Ranbar Electrical Materials Inc., USA. The acquired activities comprise the entire business of impregnating resins, varnishes and potting compounds for the secondary insulation of electrical equipment and will be integrated into the business unit ALTANA Electrical Insulation. ALTANA Chemie has acquired all intellectual property of the business, including customer base, patents and technologies as well as other know-how. Staff and production sites are not part of the transaction. The sales volume of this business unit of Ranbar was around $11m in 2002. Other financial details of the acquisition have not been disclosed.
Strategically this acquisition enables ALTANA Chemie to strengthen its activities and product portfolio in the area of impregnating resins in the US. "The acquisition allows us to reach additional key customers in America and is part of our consistent strategy to focus on highly profitable specialty chemicals," said Dr. Matthias L. Wolfgruber, Member of the Management Board of ALTANA AG and CEO of ALTANA Chemie AG. This addition will improve the company's market position in the US and it will also increase the capacity utilization of the US subsidiary P. D. George.
This press release contains forward-looking statements, i.e., current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA's management as well as assumptions made by and information currently available to ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANA's actual results, performance or achievements to be materially different from those that may be expressed or implied by such forward-looking statements.
Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.
ALTANA Chemie develops and produces high-quality, innovative products in the special chemicals sector. The special chemicals activities of the ALTANA Group as a globally active group of companies are consolidated in ALTANA Chemie AG. ALTANA Chemie AG with its headquarters in Wesel, Germay, is the executive company for the three business units of Additives & Instruments, Coatings & Sealants, and Electrical Insulation. ALTANA Chemie provides innovative and environmentally compatible solutions, along with with the appropriate special products, for coatings manufacturers, paint and plastics processors, and the electronics industry. The range of products includes additives, special coatings, sealing and plugging compounds, impregnating agents, and testing and measuring instruments. In its target markets the company occupies a leading position in terms of quality, innovation and service.
In 2002 ALTANA Chemie with approx. 2,300 employees achieved sales of €748m. Sectorally, therefore, ALTANA Chemie is among the most innovative, fast-developing and profitable chemical corporations in the world.