Done deal for dyes

BASF, Bayer and Hoechst announced last week that they are to sell their textile dyes joint venture, DyStar, to Platinum Equity for an undisclosed fee.

BASF, Bayer and Hoechst announced last week that Platinum Equity, a global investment firm based in Los Angeles, California, plans to acquire DyStar, the Frankfurt-based manufacturer of textile dyes.

A sales and purchase agreement has been signed with the current owners BASF (30 percent share), Bayer (35 percent share) and Hoechst (35 percent share), a subsidiary of Aventis.

According to this agreement, Platinum Equity will acquire 100 percent of the shares of DyStar, which posted sales of around 800 million Euros in 2003. The transaction is subject to approval by the relevant antitrust authorities.

“We are excited about the opportunity to acquire this business,” said Tom T Gores, chairman and chief executive officer of Platinum Equity. “DyStar is already a leader in the textile dye industry, with a well-deserved reputation in servicing the textile and fashion industry. We have enormous confidence in its future potential.”