Altana sells share in Salchi Rhenacoat

Altana sells share in Salchi Rhenacoat

Altana Coatings & Sealants has sold and transferred its 51 percent share in Salchi Rhenacoat s.r.l., Milan, Italy, to its 49 percent joint-venture partner, a private family holding. The joint venture had been established by the two partners in 1993 and has since then successfully developed its business with coil and packaging coatings. Salchi Rhenacoat had sales of EUR 27 million in 2003. Altana said that it sold its share for strategic reasons, because coil coatings, a relevant part of Salchi Rhenacoat business, is not any more regarded as a core business at Altana Chemie. The parties have agreed on a further long term technical and commercial cooperation in the area of foil and can coatings.