Ciba Specialty Chemicals announced last week that it had reached a definitive agreement with Huntsman Corporation to sell its textile dyeing business, involving an amount of 332 million Swiss francs. The sale of textile dyeing business includes its assets and liabilities. The transaction will be completed in the third quarter of this year. About 3,300 employees and 900 group executives from the Textile and Dyeing Division will be transferred to Huntsman.
Mai Yimin, chairman and CEO of Ciba Specialty Chemicals, stated that in August 2005, according to the development of the textile industry, the company’s board of directors decided to evaluate the strategic choices of the textile dyeing and dyeing department, in an effort to find one that can ensure textiles. The continuous improvement of the dyeing business will strengthen the overall positioning of the company and at the same time take into account solutions for the interests of employees. Divide is the best choice, he said. “This will help realize the board's strategic goals and focus on the core business — —Plastic additives, paint applications, and water treatment and paper chemicals, thereby consolidating our leading position in the plastics and coatings industry, improving our position in the water treatment and paper chemicals markets, and improving profitability.â€
Ciba Specialty Chemicals will use this opportunity to streamline its organizational structure and regional structure and coordinate business processes in order to achieve better results in 2006.
Ciba's refinement is one of the world's fine chemical industry leaders. Its products are used in textiles, plastics, inks, coatings, paper, automotive, construction, and home and personal care products. In 2005, the company achieved sales of 7.4 billion Swiss francs. The sales of its textile dyeing division amounted to 1.3 billion Swiss francs. Huntsman is a US-listed chemical group with 2004 sales of 11.5 billion U.S. dollars and 11,300 employees. Prior to this, Huntsman acquired the Vantico Group, which was formerly Ciba Specialty Polymers. Huntsman was first known for its innovative advantages in packaging, followed by the rapid development of petrochemical products, and its chemical products involved in plastics, automobiles, aviation, coatings, construction, textiles, packaging and other fields.
Mai Yimin, chairman and CEO of Ciba Specialty Chemicals, stated that in August 2005, according to the development of the textile industry, the company’s board of directors decided to evaluate the strategic choices of the textile dyeing and dyeing department, in an effort to find one that can ensure textiles. The continuous improvement of the dyeing business will strengthen the overall positioning of the company and at the same time take into account solutions for the interests of employees. Divide is the best choice, he said. “This will help realize the board's strategic goals and focus on the core business — —Plastic additives, paint applications, and water treatment and paper chemicals, thereby consolidating our leading position in the plastics and coatings industry, improving our position in the water treatment and paper chemicals markets, and improving profitability.â€
Ciba Specialty Chemicals will use this opportunity to streamline its organizational structure and regional structure and coordinate business processes in order to achieve better results in 2006.
Ciba's refinement is one of the world's fine chemical industry leaders. Its products are used in textiles, plastics, inks, coatings, paper, automotive, construction, and home and personal care products. In 2005, the company achieved sales of 7.4 billion Swiss francs. The sales of its textile dyeing division amounted to 1.3 billion Swiss francs. Huntsman is a US-listed chemical group with 2004 sales of 11.5 billion U.S. dollars and 11,300 employees. Prior to this, Huntsman acquired the Vantico Group, which was formerly Ciba Specialty Polymers. Huntsman was first known for its innovative advantages in packaging, followed by the rapid development of petrochemical products, and its chemical products involved in plastics, automobiles, aviation, coatings, construction, textiles, packaging and other fields.
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