ALTANA Chemie Acquires Kelstar International; Strategic Expansion of ALTANA Coatings & Sealants in the Area of Packaging Coatings in the U.S
Business Wire, Sept 29, 2005
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BAD HOMBURG/WESEL, Germany -- ALTANA Chemie AG, the Chemicals division of ALTANA AG (NYSE:AAA, FSE:ALT), has signed an agreement to acquire Kelstar International, a leading U.S. producer of water based and UV curable overprint coatings for the paper and board packaging sector. The completion of the transaction is planned to take place in the fourth quarter of 2005. With this move, ALTANA Chemie will strengthen its market presence in North America after the strategic reorientation of the Coatings & Sealants division towards packaging solutions.
Kelstar, headquartered in Cinnaminson near Philadelphia operates a production facility with around 100 employees. Sales turnover in 2004 was US$ 48.5m. ALTANA Chemie will take over the fast-growing company, including all employees and the production assets. Details of the sales price have not been disclosed.
"As announced previously, the acquisition of Kelstar is an important step towards expanding our fast-growing packaging coatings business, now that ALTANA Coatings & Sealants has withdrawn from the industrial coatings segment," Dr. Guido Forstbach, Division President Coatings & Sealants and Managing Director of ALTANA Coatings & Sealants GmbH comments. "Kelstar allows us to enter the U.S. market with a leading specialty coatings producer in the paper and board packaging sector. The business is strongly innovation and service oriented. We are therefore following the strategy of only being active in areas that require high innovation rates and a considerable demand for technical support."
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"With this acquisition we are strengthening the Coatings & Sealants divsion and thereby further consolidating our globally strong market position," Dr. Matthias L. Wolfgruber, Member of the Management Board of ALTANA AG and President & CEO of ALTANA Chemie AG, explains. "The acquisition of Kelstar improves our geographical presence, particularly in the important U.S. market."
This press release contains forward-looking statements, i.e., current estimates or expectations of future events or future results. The forward-looking statements appearing in this press release include ALTANA's expectation that the acquisition of Kelstar International will be completed in the fourth quarter of 2005. These statements are based on beliefs of ALTANA's management as well as assumptions made by and information currently available to ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANA's actual results, performance or achievements to be materially different from those that may be expressed or implied by such forward-looking statements.
Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.
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