Investcorp in $338.6 million buyout of Stahl
Global investment group Investcorp has agreed a Euro375 million ($338.6 million) buyout of leather chemicals producer Stahl to be completed in January, 2002. The deal will allow Stahl to grow its leather finishes markets, especially in the Asia Pacific region.
Sales for Stahl in 2000 were Euro338.7 million and the company has a strong position globally in leather finishes with a 70-year history in the leather industry. Stahl was one of five businesses within the Avecia Group, which is jointly owned by Investcorp with another company called Cinven.
Avecia will use the profits from the sale to boost its activities in its biotechnology and pharmaceutical businesses. The buyout of Stahl follows the successful sale of Novacote (formerly part of the Stahl Group of businesses) to C.O.I.M, the Italian specialty chemical company, in June 2001.
