Suitors emerge for Kemira's formic acid unit - leatherbiz: Leading new Leatherbiz

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Suitors emerge for Kemira's formic acid unit

12/09/2013
Chemical company Kemira is in talks to sell its formic acid unit to Germany’s Addcon Group or private-equity firms, according to Bloomberg, citing four people with knowledge of the situation.

The Finnish company aims to get about $265 million from selling ChemSolutions, although Addcon and other suitors reportedly submitted lower proposals in late August.

Formic acid occurs naturally in ant venom. Though a diluted form is used as a preservative in leather production, the colourless liquid is hazardous to transport when highly concentrated.

Kemira is selling the unit to focus on offerings for drilling wells, mining and paper production.

BASF is the other major European supplier of formic acid.




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