Oct 25 2005
Degussa AG, Dusseldorf, is selling its subsidiary ESM Group Inc. (ESM), Amherst, NY, to the US American financial investment company Platinum Equity, Los Angeles. The purchase price is 55 million US dollars (46 million euros). The transaction is subject to the approval of the relevant regulatory authorities.
The sale of ESM, which should be closed before year end, successfully brings to a conclusion the sale of Degussa’s entire metallurgical chemicals business. Last year already, as part of its concentration on specialty chemicals Degussa sold the foundry, the steel and the continuous casting powder businesses.
ESM in particular offers products and services for hot metal desulfurization. The end market is almost exclusively the North American steel industry. In fiscal 2004 275 employees generated sales of around 150 million US dollars (125 million euros).
Platinum Equity is a global financial investment company that manages 21 businesses with more than 40,000 employees and generates sales of approximately 8 billion US dollars.