Tessenderlo Group divests Italian subsidary

Tessenderlo Group divests Italian subsidary

9:29 AM, 6th May 2013
Tessenderlo Group divests Italian subsidary

BRUSSELS, BELGIUM: Tessenderlo Group has sold Tessenderlo Partecipazioni SpA including its subsidiary Tessenderlo Italia Srl to International Chemical Investors Group (ICIG), a private industrial holding company. The sale concerns one production site in Pieve Vergonte (Italy), with an electrolysis and chloro-aromatics plant and two hydro-electric power stations.

The employees of the Pieve Vergonte site have been informed that a share purchase agreement was closed with ICIG. The transaction has been approved by all relevant authorities. This divestment is in line with Tessenderlo Group’s strengthened focus on specialty products and services in the areas of food, agriculture, water management and valorizing bio-residuals.

“The upstream integration of Tessenderlo Italia, with direct energy supply via its own hydro-electric power stations, is fundamental for the competiveness of the factory in Pieve Vergonte and therefore we want to maintain this integration and have both hydro concessions renewed for the long term,” said Achim Riemann, Managing Director, ICIG.

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