Partner News: Clariant, Eppendorf, Vecoplan on the move

In Germany and Kentucky, Clariant and Ashland announced that they have entered into a definitive agreement to sell their joint venture, ASK Chemicals headquartered in Hilden, Germany, to investment funds affiliated with Rhône, a London and New York-based private equity investment firm. The enterprise value of the transaction before debt and assumed liabilities amounts to CHF 310 million (EUR 257 million).

After adjusting for debt and assumed liabilities, total pre-tax proceeds to the sellers will be approximately CHF 180 million (EUR 149 million), which includes CHF 155 million (EUR 128 million) in cash and a CHF 25 million (EUR 21 million) buyer note. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 joint venture. The transaction is expected to close during the third quarter 2014 and is subject to customary closing conditions, including regulatory approvals.

In Germany, the Eppendorf Group achieved sales of €502.7 million (prior year: €520.2 million). Income from operations (EBIT) decreased to €93.8 million (prior year: €101.5 million), and 2013 net income declined to €67.5 million (prior year: €70.6 million).

The slight drop in sales took place against the background of difficult market conditions – especially in the publicly financed research sector in the USA – that could not be completely evened out by growth in Europe and Asia. At the same time, the company added more than 100 employees to its staff to develop its international sales and service structures even further.

In North Carolina, Vecoplan has named Brett Smith as National Sales Manager for Paper, Secure destruction, Printing. Mr. Smith will be responsible for overseeing business development of Vecoplan Shredding Systems in the Document Destruction and Printing industrial sectors.

Smith will also act as a liaison between customers and Vecoplan’s R&D engineering team, in the constant improvement of technologies for Vecoplan’s secure destruction and recycling machinery, as well as working with the marketing department to introduce these innovations to the marketplace.