Frankfurt/Main, Wuppertal, October 6, 2005
ENKA GmbH & Co. KG, Wuppertal, and International Chemical Investors Group, Frankfurt / Main, announced today that a Share Purchase Agreement, under which International Chemical Investors acquired 100% of the shares of ENKA GmbH & Co KG, ENKA Verwaltungs GmbH and Acordis Verwaltungs GmBH Germany from Acordis, has been signed and completed to form a new specialty fibers group with initial sales of EUR 100 million. Financial details are not disclosed.
“We have acquired ENKA not only to continue the production of viscose filaments but to built on ENKA’s leading technology base and strength as a supplier of premium filament yarns for textile applications and to expand this business, especially in the Asian and other international markets” says Dr. Achim Riemann, Managing Director of International Chemical Investors.
“We are looking forward to actively supporting the businesses in their organic growth as well as through additional complementary acquisitions and we are glad that both Managing Directors of ENKA, who successfully managed the company in a very challenging environment, will remain associated with the ENKA Group, warranting continuity in all divisions. Christoph Sprenger will remain as one of the Managing Directors and Dr. Moritz Gimpel is expected to join the Advisory Board of ENKA “says Patrick Schnitzer, Managing Partner of ADL Capital Partners Limited, who is advising International Chemical Investors.
With International Chemical Investors ENKA has now a new owner with a long term perspective, focusing on investing in chemical companies and supporting their growth, also through acquisitions.
ENKA is the world’s leading producer of premium viscose filament yarn for textile applications with a more than one hundred year history. ENKA has more than 1,000 employees and sales of EUR 100 million with production facilities in Obernburg (Ger.), Oberbruch (Ger.), Elsterberg (Ger.) and Gorzow (Poland) and administrative offices in Wuppertal.
International Chemical Investors is an investment group focusing on mid-sized chemical businesses, preferably subsidiaries of large corporations, which are considered non-core, with leading positions in niche markets, operating in competitive environments. Recently, International Chemical Investors has acquired 6 separate businesses from the German RAG Group division RÜTGERS, including the fine chemicals custom manufacturing businesses in Mannheim and Augusta, Georgia, the wood preservatives and fire retardants business in Mannheim, the activated carbon products businesses in Essen and Castrop Rauxel, the gas generation and purification engineering business in Essen and the performance chemicals business in Cincinnati, Ohio.
ADL Capital Partners is an independent private equity advisory company which is cooperating with the global management consulting group Arthur D. Little.
Contact:
International Chemical Investors Group
Sibel Cumcu
Phone: +49 69 506 999 0
Email: Info@ic-investors.com
GERMANY