ALTANA Chemie to acquire Kelstar International
Completion of the transaction is planned to take place in the fourth quarter of 2005.
30/09/05 Germany, ALTANA Chemie AG, the Chemicals division of ALTANA AG, 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.
