Hoechst sells Trevira to US-Mexican consortium
15 Jan 2000
Hoechst the German chemicals leviathan which is in the process of transforming itself into a life sciences specialist has announced the sale of its polyester interests to a North American consortium. The deal will create one of the world's largest independent polyester producers.
The businesses involved in the sale are in the company's Trevira subsidiary, which incorporates most of its polyester fibres and resins operations in Germany, Mexico and the US, as well as its interests in joint ventures in China and Turkey. Specifically excluded are the South African polyester businesses and the Canadian polyester business of Celanese Canada, of which Hoechst owns 56 per cent; the company is involved in separate discussions for the latter.
The consortium consists of Kosa and Grupo Xtra, both privately-held companies. Kosa is a wholly-owned subsidiary of Wichita-based Koch Industries, which is the second-largest private company in the US and whose interests cover oil and gas, chemicals, minerals, chemical technology, agriculture and real estate. Grupo Xtra, based in Mexico City, is entirely owned by Isaac Saba and his sons Moises, Alberto and Manuel, and is involved in fibres, textiles, food and agriculture; the Sabas are also major shareholders in Grupo Celanese, a long-time Hoechst partner.
* Hoechst is also selling its interests in a polyester film joint venture to its partner in the firm, Mitsubishi. The venture, Hoechst Diafoil, operates in Germany, the US, Japan and Indonesia.
