In accordance with its strategy, Kemira Oyj will focus on developing its core business areas and sell its holding in Ecocat Oy to the funds managed by the Finnish company Eqvitec Partners Oy. Ecocat Oy engages in the production of catalytic converters. It has been planned to complete the deal by 15 May 2004. The parties to the agreement have agreed not to disclose the agreement price. Ecocat's net sales in the year 2003 totalled EUR 46.5 million, and the company employs a personnel of 210 people globally.
Kemira will focus its resources on its core business areas and aims to expand them through organic growth and acquisitions. The Group aims at a leading position in pulp and paper chemicals and water treatment chemicals. In paints and coatings growth is sought in the Baltic rim area and Eastern Europe, including Russia. In industrial chemicals and plant nutrients mainly organic growth is expected.
-Catalysts for vehicles and small combustion engines were in fact always outside Kemira's core business concept, and we decided to divest it. We believe that through Eqvitec Ecocat has a solid financial and growth environment, says Kaj Friman, Group Treasurer, Kemira Oyj.
Ecocat has been developing its metal catalyst portfolio since the 1980's. The company's biggest production plant is located in Laukaa, near Jyväskylä, Finland. The company has a chemical R&D laboratory in Oulu, where it employs 25 people. Ecocat has production units in Italy, USA, and sales offices also in Brazil, the Czech Republic, France, Germany, Sweden, Great Britain and Romania.
For further information please contact:
Kemira Oyj
Kaj Friman, Group Treasurer
Tel. +358 (0)10 862 1704, GSM +358 (0)50 62 626
Ecocat Oy
Reijo Kuvaja, Managing Director
Tel. +358 (0)10 863 5510, GSM +358 (0)500 646 884
Eqvitec Partners Oy
Jarkko Penttilä, Investment Director
Tel. +358 (0)9 6894 5541, GSM +358 (0)50 5166 420