Wesel, February 1, 2005
ALTANA Chemie divests Rembrandtin Lack
ALTANA Chemie AG, the specialty chemicals division of ALTANA AG (NYSE: AAA, FWB: ALT), is divesting its Austrian subsidiary, Rembrandtin Lack Ges.m.b.H., Vienna, to EK Mittelstandsfinanzierung AG, the private equity fund of Bank Austria Creditanstalt AG (HypoVereinsbank Group). The respective agreement was signed by the end of January 2005 and is subject to approval of the relevant cartel authorities. The completion of the transaction is expected to take place in the first quarter of 2005. Rembrandtin, a company within the ALTANA Coatings & Sealants business unit, specializes in industrial coatings and road marking paints.
In 2004, Rembrandtin generated sales of around €33 million and employed, as of 31.12.2004, 127 people.
EK Mittelstandsfinanzierung AG will be taking over the company, including the site in Vienna and the entire staff. Details of the sales price have not been provided.
“The sale of Rembrandtin is a logically consistent step in the strategic realignment of ALTANA Coatings & Sealants, to withdraw from the area of industrial coatings and concentrate on expansion in fast-growing niches of specialty chemicals, such as chemical solutions for flexible packaging,“ Dr. Guido Forstbach, Business Unit Manager and Managing Director of ALTANA Coatings & Sealants GmbH, explains. “We are therefore following the strategy of being only active in areas that require high rates of innovation and a high demand for technical support.”
With the sale of Rembrandtin, ALTANA Chemie has almost completed its withdrawal from the industrial coatings business. The disposal of the remaining peripheral activities in this area is anticipated in the course of 2005.
ALTANA Chemie develops and produces high-quality, innovative products in the specialty chemicals business. The specialty 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, Germany, is the holding company for the three business units of Additives & Instruments, Coatings & Sealants and Electrical Insulation. ALTANA Chemie provides innovative and environmentally compatible solutions, along with the appropriate special products, for coatings manufacturers, paint and plastics processors, and the electronics industry. The range of products includes additives, special coatings, sealants, compounds, impregnating agents, and testing and measuring equipment. In its target markets the company occupies a leading position in terms of quality, product solutions, innovation and service. In 2004 ALTANA Chemie, with over 2,500 employees, achieved sales of €854m. Sectorally, therefore, ALTANA Chemie is among the most innovative, fast-developing and profitable chemical corporations in the world.
This press release contains forward-looking statements, i.e., current estimates or expectations of future events or future results. The forward-looking statements appearing in this press release include ALTANA’s expectations that the sale of the Rembrandtin shares will be completed in the first quarter of 2005 and that the disposal of ALTANA’s remaining industrial coatings business is anticipated in the course of 2005. 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. These factors include decisions of the competent antitrust authorities.
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.