Rhodia sells Gelymar shares
22nd April 2004
Rhodia today announced several developments regarding its divestiture program inlcuding the sale if its 50% share in Gelymar. The statement from Rhodia reads:
- Divestiture of its 50% share in the Chilean company Extractos Naturales Gelymar SA to Sintex SA and Algina Inversion SA. Sintex SA and Algina Inversion SA currently own 50% of Gelymar,
- The signing of an exclusive agreement with Thermphos to negotiate the sale of Rhodia's European specialty phosphates business,
- The signing of an agreement in principal for the sale of its Rhodia Research property in Aubervilliers, outside Paris, to the Compagnie des Entrepôts et Magasins Généraux de la Ville de Paris (EMGP).
The specialty phosphates and Rhodia Research property divestitures should be finalized during the second quarter 2004.
With these three new transactions, together with Rhodia's divestiture of its food ingredients business to Danisco, expected to be finalized in May 2004 , and with the sale of its stake in Baïkowski Chimie, announced February 19, Rhodia will have achieved approximately 400 million euros in divestitures during the first semester of 2004.
The Group confirms its objective of achieving more than 700 million euros of proceeds from disposals in 2004
Divestitures of Rhodia's 50% share in the Chilean company Extractos Naturales Gelymar
In line with the Group's divestiture of its food ingredients business, Rhodia announced the sale of its 50% share in the Chilean company Extractos Naturales Gelymar SA to Sintex SA and Algina Inversion SA, who currently own the remaining 50% of Gelymar.
Extractos Naturales Gelymar SA, posted a turnover of $16.9 million in 2003 and is an important Chilean producer and distributor of carrageenans, seaweed extracts used as texturing agents in the food industry.
Algina is today the most important producer of cold water red seaweed for carrageenan in the world, and Sintex continues to develop as a leader in specialty chemicals in Chile with subsidiaries in Argentina, Brazil, Venezuela and China.
Agreement to negotiate exclusively the sale of Rhodia's European Specialty Phosphates business
Following the formalization of an offer by the Dutch company Thermphos International, Rhodia announced today that the two companies have entered into exclusive negotiations concerning the sale of Rhodia's European Specialty Phosphates business. This business, which employs approximately 270 people, generated net sales of 75 million euros in 2003. It produces and sells phosphates for use in a wide variety of applications, including food, pharmaceuticals, detergents, water, metal treatment, horticulture and textile.
The two parties expect to reach an agreement during the second quarter of 2004.
This operation is the first step in the divestiture of Rhodia's Specialty Phosphates business, as announced in February 2004. Rhodia also is proceeding with the sale of its North American specialty phosphates business.
This operation confirms Thermphos' strategic commitment to the Specialty Phosphates market.
Thermphos International produces and sells Elemental Phosphorus, Phosphorus derivatives, Specialty Phosphates and Phosphoric Acid. With its headquarters in Vlissingen, The Netherlands, Thermphos also has production sites in Germany, France, Argentina and China. Worldwide, Thermphos employs over 900 people and generated sales of 280 million Euros in 2003.
Agreement in principal for the sale of the Rhodia Research property in Aubervilliers
Rhodia announced the signing of an agreement in principal for the sale of its Rhodia Research property located in Aubervilliers, outside Paris to the Compagnie des Entrepôts et Magasins Généraux de la Ville de Paris (EMGP). The transaction is expected to be finalized during the second quarter.
This sale, which is accompanied by a commercial lease for nine years, will enable Rhodia to obtain value from its asset, taking advantage of very favorable conditions in the Paris real estate market.
EMGP is a real estate company that is part of the Group Caisse des Dépôts, that is developing a system of tertiary parks around Paris. EMGP had sales of 60.8 million euros in 2003.
Rhodia is a global specialty chemicals company recognized for its strong technology positions in applications chemistry, specialty materials & services and fine chemicals. Partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets, Rhodia offers tailor-made solutions combining original molecules and technologies to respond to customers' needs. Rhodia subscribes to the principles of Sustainable Development communicating its commitments and performance openly with stakeholders. Rhodia generated net sales of €5.4 billion in 2003 and employs 23,000 people worldwide. Rhodia is listed on the Paris and New York stock exchanges.
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