Cognis Deutschland GmbH & Co. KG
Cognis and Golden Hope: expansion of oleochemicals joint venture completed
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The issuer is solely responsible for the content of this announcement.
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INVESTOR RELATIONS RELEASE
Monheim, February 20, 2006
Cognis and Golden Hope: expansion of oleochemicals joint venture completed
Cognis Holding GmbH, Cognis GmbH and Cognis Deutschland GmbH & Co. KG
(collectively “Cognis”) and Golden Hope Plantations Berhad (“Golden Hope”)
today announced that the transfer of Cognis’ global oleochemicals and
plastics technology businesses to the existing 50:50 joint venture between
the two companies, Cognis Oleochemicals (M) Sdn. Bhd., has been completed.
Following the signing of a memorandum of understanding in July 2005 and the
successful conclusion of the subsequent contract negotiations, agreements
relating to the transfer of the businesses to the joint venture were signed
in November 2005. Based on approvals obtained from the relevant authorities
in Europe and Malaysia, the transaction has been concluded on terms
materially consistent with those previously announced.
The businesses added to the joint venture (fatty acids, glycerin, oilfield
chemicals, azelaic acid and pelargonic acid, and plastics technology)
employ around 750 people, mostly in Germany, the USA and Canada, and
generate annual revenues (including sales to Cognis) of around €570 ($700)
million. Cognis and Golden Hope will continue to hold equal stakes in the
expanded joint venture. The expansion of the joint venture makes Cognis
Oleochemicals (M) Sdn. Bhd. one of the world’s largest oleochemical
companies, with total annual revenues (including sales to Cognis) of around
€690 ($850) million and a workforce of around 1,100 employees.
Contact
Roland Haage, Financial Controlling & Investor Relations
Cognis Deutschland GmbH & Co. KG
Phone: +49-2173-4995-276
E-mail: investor-relations@cognis.com
Internet: www.cognis.com
(c)DGAP 20.02.2006
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language: English
emitter: Cognis Deutschland GmbH & Co. KG
Rheinpromenade 1
40789 Monheim Deutschland
phone: 02173-4995-276
fax: 0211-2006-10276
email: investor-relations@cognis.com
WWW: www.cognis.com
ISIN: XS0191507556
WKN: A0BNCJ
indexes:
stockmarkets: Freiverkehr in Frankfurt
End of News DGAP News-Service
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