Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, February 14, 2013

Finland's Kemira to sell out of titanium dioxide venture, (NYSE: ROC)

Finnish chemicals group Kemira said it is selling its stake in German titanium dioxide joint venture Sachtleben for 97.5 million euros ($131 million), a price analysts said was unexpectedly low.Kemira said it was selling its 39 percent stake to joint venture partner Rockwood Holdings to focus on its other businesses, such as water quality management and chemical solutions for the oil and mining industries.Both Kemira and Rockwood had been looking to dispose of Sachtleben after a downturn in the market for titanium dioxide, which reflects light and is used in paints and car coatings, sources familiar with the matter said.Despite the proposed deal to purchase Kemira's stake, Rockwood may yet sell the entire operation.

Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Shares of ROC remained unchanged at $57.73. In the past year, the shares have traded as low as $40.52 and as high as $59.65. On average, 1107860 shares of ROC exchange hands on a given day and today's volume is recorded at 0.