Cognis Sells its Share of Cognis Oleo Biz

Cognis has sold its 50-percent stake in Cognis Oleochemicals to PTT Chemical International Private Ltd., a subsidiary of the Singapore-based oleochemicals heavyweight PTT Chemical Public Company Ltd., for 104 Euros ($162.8 million USD) in cash. Cognis Oleochemicals was a 50-50 joint venture between Cognis and Sime Darby Plantation Sdn Bhd., with operations in Europe, North America and Asia to the tune of 729 million euros ($1.14 billion USD) in 2007 sales. Cognis is selling its stake in the business as part of its refocusing on a core business tied to wellness and sustainability trends. The transaction, which still faces the usual regulatory approvals and various closing conditions, is expected to be final by the end of September 208.

Source: Cognis July 24, 2008