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Kemira Oyj sells ChemSolutions' food and pharmaceutical businesses to Niacet Corporation

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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-14 08:37:13 -

Kemira Oyj
Stock exchange release
December 14, 2012 at 9.30 (CET+1)

Kemira Oyj signed an agreement today to sell its food and pharmaceutical
businesses together with its acetate based chemicals business to Niacet (Niagara
Falls, USA). These businesses are a part of Kemira's ChemSolutions segment. All
shares of Kemira ChemSolutions BV, including the manufacturing site in Tiel
(NL), will be transferred from Kemira Oyj to Niacet Corp. The other businesses
of the ChemSolutions segment, including the chemical, feed and de-icing
business, which are linked to Kemira's formic acid production in Oulu (Finland),
will stay within Kemira.

The businesses sold have a combined revenue of approximately EUR 50 million. 90
employees will be transferred to Niacet as part of the transaction which is
expected to close on January 31, 2013.

The agreed transaction price is 
EUR 82 million and will impact Kemira's cash flow positively in the first quarter of 2013. Kemira will undertake a non- recurring write-down related to the transaction of approximately EUR 18 million, impacting Kemira's reported EBIT in the fourth quarter of 2012. - In accordance with its strategy, Kemira focuses on products and applications for water quality and quantity management. ChemSolutions's food, pharmaceutical and acetate based chemicals businesses are not part of our core business. There are more synergies for these businesses with Niacet's current portfolio and Niacet is committed to develop the business further, said Wolfgang B├╝chele, Kemira's President and CEO. - We are currently a leading producer of propionates and acetates in the US focusing on the bakery and pharmaceuticals industry. The agreed deal fits perfectly into our strategy to become a global player in the chosen industries. This is a very exciting opportunity for Niacet and we believe it will position us for continued success and growth both in Niagara Falls and at our new facility in the Netherlands, once the agreement is finalized, said Kelly Brannen, Co-Managing Director of Niacet. To assure a seamless transition for customers and to welcome the Tiel employees to the Niacet family, Larry Montani, Co-Managing Director of Niacet, will relocate to Tiel. For more information, please contact Kemira Oyj Frank Wegener, President, ChemSolutions Tel. +31 344 63 91 10 Matti Lapinleimu, VP, M&A Tel. +358 10 862 1786 Tero Huovinen, Director, Investor Relations Tel. +358 10 862 1980 Niacet Corporation Earl Wells, e3communications Tel. +1 716 553 5225 Kemira is a global over two billion euro water chemistry company that is focused on serving customers in water-intensive industries. The company offers water quality and quantity management that improves customers' energy, water, and raw material efficiency. Kemira's vision is to be a leading water chemistry company. Established in 1924, Niacet has been a family owned since 1978. The company produces propionates, acetates, MCAA and other emulsifiers focused on the bakery and pharmaceutical industry. Link to the release (.pdf): This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Kemira Oyj via Thomson Reuters ONE [HUG#1664773]

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