PRINCETON, N.J.--(BUSINESS WIRE)--Rockwood Holdings, Inc. (NYSE:ROC) today announced that the European Commission has approved the previously announced sale of its Titanium Dioxide Pigments and four other non-strategic businesses to Huntsman Corporation (NYSE:HUN), a global specialty chemical company, for an enterprise value of $1.275 billion, including the assumption of $225 million in pension obligations.
The European Commission’s conditional approval follows Huntsman entering into an agreement to sell its TR52 ink grade business to Henan Billions Chemicals Co., Ltd. The transaction with Henan is expected to close shortly after the European Commission’s approval of the buyer.
The Rockwood businesses being sold include Titanium Dioxide Pigments, Color Pigments & Services, Timber Treatment Chemicals, Rubber/Thermoplastics Compounding, and Water Chemistry. This transaction is expected to close in late September or early October.
Rockwood Holdings, Inc. based in Princeton, N.J., is a leading global developer, manufacturer and marketer of technologically advanced and high value-added specialty chemicals. It is a leading integrated and low-cost global producer of lithium and lithium compounds used in lithium-ion batteries for electronic devices, alternative transportation vehicles and future energy storage technologies, meeting the significant growth in global demand for these products. The company is also the second-largest global producer of products and services for metal processing, servicing the aerospace, general and luxury automotive industries.
For more information on Rockwood, please visit www.rocksp.com.
The information set forth in this press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the business, operations and financial condition of Rockwood Holdings, Inc. and its subsidiaries and affiliates ("Rockwood"). Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "predicts" and variations of such words or expressions are intended to identify forward-looking statements. Although Rockwood believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. "Forward-looking statements" consist of all non-historical information, including any statements referring to the prospects and future performance of Rockwood, including without limitation, the payment of future dividends. Actual results could differ materially from those projected in Rockwood's forward-looking statements due to numerous known and unknown risks and uncertainties, including, among other things, the "Risk Factors" described in Rockwood's periodic reports on file with the Securities and Exchange Commission. Rockwood does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.