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08-18-2006

Ciba: Textiles Effect Business Sold Off

At the end of June, Ciba Specialty Chemicals, Basel/Switzerland concluded the sell-off of it textile effects business to Huntsmann Corporation. Huntsmann purchased the business with assets and liabilities for CHF 332 million, in the form of cash and assumption of debts to the value of CHF 75 million. Around 4,000 employees of the textile business and support functions have transferred to Huntsmann.

Following the sale of the textile effects business, Ciba Specialty Chemicals now has one of the most focused portfolios in our sector. By concentrating on its core businesses of plastics additives, coating effects and water & paper treatment, the company claims it will be stronger and is targeting higher profitability.

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