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Thursday, February 14, 2013

Kemira sells stake in Sachtleben to JV partner Rockwood, (NYSE: ROC)

Finnish chemicals group Kemira said it will sell its 39 percent stake in titanium dioxide joint venture Sachtleben to its partner Rockwood Holdings for 97.5 million euros ($131 million), to focus on its other businesses such as water quality management. Both Kemira and Rockwood had been looking to dispose of Sachtleben, according to sources.

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.