Cognis Annouces the Acquisition of Hispano Quimica

In a report from La Seda Group, majority shareholder in Hispano Quimica, and Cognis BV, it was announced that an agreement has been reached in the acquisition Hispano Quimica by Cognis Iberia.

The terms of the agreement are estimated at $30 Million euros, involving the specialty chemicals division for cosmetics, textiles, paints, leather treatment and auxiliaries for industrial processes. The agreement also includes the transfer of the production center in Castellbisbal to Cognis Iberia.

While the La Seda Group will focus on the development of its polyester, textile fibres and PET polymers businesses, Cognis will benefit from a stronger position in specialty chemicals on the Iberian peninsular. In addition, transferring production to Cognis will enhance opportunities to dedicate and streamline their efforts for higher process efficiencies.

The Cognis Group, recently separated from the Henkel Group, had sales of $2.6 Billion euros, with an operating profit of $182 Million euros, in 1999. La Seda Group, formerly a division of Akzo Nobel, is headquartered in Barcelona/Spain, and has achieved a turnover of more than $200 Million euros in 1998, mainly with synthetic fibres and PET polymers.

Edited by Anndrea Vorobej