New Positioning of the oxo Business: Successful Start of International Chemical Company Oxea
Thursday March 1, 8:00 am ET
OBERHAUSEN, Germany, March 1 /PRNewswire/ -- Today, the Oxea Group launched its business operations under the ownership of investor Advent International. In December of 2006, Advent International took over selected businesses of Celanese Chemicals and chemical company European Oxo, a joint venture of Celanese and Degussa, for the purchase price of EUR 480 million. The companies were consolidated into a new company following approval by the antitrust authorities. The product range of the transferred businesses remains fully intact, and existing contracts and orders will be taken over by Oxea. The Oxea Group has proforma annual sales of EUR 1.2 billion and employs some 1,300 people at four production sites in Germany and the United States. On a worldwide scale, Oxea produces and markets polyols, solvents and oxo derivatives.
"Globally, we offer our customers a well-matched product portfolio along the entire value chain of oxo chemicals. As a result, the new Oxea Group is one of the largest suppliers of different solvents, polyols, carboxylic acids, alkyl amines and olefin derivatives for various applications such as coatings, dyes, lubricants and plastics", said Dr. Martina Floel, spokesperson of the Oxea management board. She continued: "The investment of Advent International and the integration of the various businesses will enable us to optimize our value chains and consider expansion toward Eastern Europe or Asia in addition to maintaining our strong focus on Europe and North America."
"We have great experience in the integration and refocusing of companies" said Ronald Ayes of Advent International. "With Oxea, we see very large potential for future growth. We will use our resources and our sector network to support this potential over the long term."
Oxea was established in March of 2007 as a result of the merger of European Oxo and selected businesses of Celanese Chemicals. Among others, the company globally manufactures and markets solvents, polyols and oxo derivatives such as carboxylic acids and alkyl amines for a large variety of applications. They are used for instance in high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, dyes and plastics. Oxea has proforma annual sales of about EUR 1.2 billion and employs some 1,300 people in Germany (Oberhausen and Marl) and the United States (Bay City and Bishop). They are supported by an experienced sales team in Oxea's most important markets worldwide.
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