Aug 9, 2022
Swiss firm Archroma to acquire Textile Effects business of Huntsman
Aug 9, 2022
Archroma, a global leader in sustainable specialty chemicals and solutions and a portfolio company of the US-based private investment firm SK Capital Partners, has announced it has entered into a definitive agreement to acquire the Textile Effects business from Huntsman Corporation, an American multinational manufacturer and marketer of chemical products.
Since its formation in 2013, through a series of mergers and acquisitions, as well as internal investments in R&D, manufacturing and service capabilities, Archroma has been building a comprehensive portfolio of solutions to serve the emerging needs of the textile industry. The combination with Textile Effects and its rich historical roots of Huntsman and Ciba Specialties "will create a technology powerhouse" that will include Archroma’s legacy heritages of Sandoz, Hoechst, Clariant, BASF and Dohmen.
Both Archroma and Textile Effects are founding members of sustainable chemistry for the Textile Industry (SCTI), an alliance of leading chemical companies that strives to empower the textile and leather industries to apply sustainable, state-of-the-art chemistry solutions that protect factory workers, local communities, consumers and the environment, the two companies said in a joint press release.
Both companies have been recognised by the industry and are each recipient of multiple awards for supplying sustainable systems and solutions in dyes and chemicals for fashion brands, retailers, and textile manufacturers.
Barry Siadat, co-founder of SK Capital Partners and chairman of Archroma, said: “Finally, we have achieved a dream of combining the technologies, products and capabilities of the legacy pioneers of the textile industry, namely Ciba, Sandoz, Hoechst and BASF, into a modern and cohesive enterprise that is focused on delivering innovative and sustainable systems and solutions to serve the evolving needs of today’s textile industry.”
“We at Archroma are so very excited to announce what we see as a merger of equals,” said Heike van de Kerkhof, CEO of Archroma. “With this agreement, two committed leaders in sustainable and innovative solutions unite to pave the way towards a more sustainable textile industry. We are delighted to welcome a team of highly talented people. Innovative and transformative leadership is not built overnight, and we are eager to work together with the people who made that happen at Huntsman Textile Effects.”
Closing of the transaction is subject to customary conditions and approvals and is expected to take place in the first half of 2023.
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