Tessenderlo Group (NYSE Euronext: TESB) announced today that it has sold Tessenderlo Partecipazioni S.p.A 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. Tessenderlo Italia employs a total of 113 people.
The employees of the Pieve Vergonte site have been informed that a share purchase agreement was closed with ICIG, a company that focuses exclusively on chemical and pharmaceutical activities. 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.
ICIG Group owns four other production sites in Italy, and is a natural owner of these activities, having been a significant customer for Tessenderlo Italia's organic products for several years. Becoming the new owner of Tessenderlo Italia will allow for industrial complementarity and synergies and thus enhances the industrial competitiveness of the Pieve Vergonte plant.
Achim Riemann, Managing Director of ICIG, states: "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. "
Tessenderlo Italia srl is a preferred supplier of aromatic chlorine products and specialty dichlorotoluenes , mainly used in the agricultural and pharmaceutical markets. Tessenderlo Italia also owns two hydro-electric power stations that supply electricity to the Pieve Vergonte plant. Tessenderlo Italia's revenue amounted to 30 million euro in 2012.