Ciba Sells Textiles Unit
Ciba Specialty Chemicals has sold its Textile Effects business to Huntsman Corporation for CHF332 million in cash and assumed debt. The divestment is expected to be concluded in the third quarter of 2006 after a comprehensive separation process and the necessary regulatory approvals. The sale comprises the Textile Effects business including 3300 employees and 900 group supporting staff. The decision to divest this business came after several months of intense evaluation. In August 2005, the company decided it would evaluate strategic options for the division with the aim of finding a solution which secures a sustainable future for the business and strengthen Ciba’s overall position. Ciba will now focus on its core businesses: Plastic Additives, Coating Effects and Water & Paper Treatment.