Brief: Kemira Divests Its Oil & Gas Business

Kemira Oyj

04/12/2023 13:47

Dec 4 (Reuters) - Kemira Oyj  KEMIRA.HE :
    * INSIDE INFORMATION: KEMIRA DIVESTS ITS OIL & GAS BUSINESS 
    * TO DIVEST ITS OIL & GAS-RELATED PORTFOLIO TO STERLING
SPECIALTY
CHEMICALS LLC,
    * REVENUE TO BE CARVED-OUT FROM KEMIRA WAS AROUND EUR 430
MILLION
IN 2022
    * KEMIRA AND STERLING SPECIALTY CHEMICALS LLC TARGET TO
COMPLETE
TRANSACTION BY END OF Q1 2024 AT LATEST
    * TOTAL CONSIDERATION ON A CASH AND DEBT-FREE BASIS AMOUNTS
TO
APPROXIMATELY USD 280 MILLION
    * DIVESTMENT DOES NOT HAVE AN IMPACT ON KEMIRA'S OUTLOOK FOR
2023
    * BASED ON CURRENT ESTIMATES, ASSETS AMOUNTING TO AROUND EUR
300
MILLION ARE EXPECTED TO TRANSFER TO BUYER AS PART OF TRANSACTION
    * TO RECORD LOSS OF AROUND EUR 90 MILLION DURING Q4 2023,
WHICH IS
EXPECTED TO BE PARTIALLY TAX DEDUCTIBLE
    * APPROXIMATELY 250 EMPLOYEES ARE EXPECTED TRANSFER TO BUYER
AS
PART OF TRANSACTION

Source text for Eikon:  ID:nWkr1Vknbh 
Further company coverage:  KEMIRA.HE 

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