Oman buys German chemicals maker Oxea
Frankfurt, October 10, 2013
The Oman Oil Company agreed to buy German chemicals maker Oxea from buyout firm Advent International to expand into downstream activities in a deal a person familiar with the matter said was worth about 1.8 billion euros ($2.4 billion).
Oxea, a maker of ingredients for coatings, fuel additives, lubricants and cosmetics, will help to diversify Oman's industry and trade and reduce the Sultanate's reliance on crude oil, the buyer and seller said in a joint statement on Thursday.
The companies declined to comment on the purchase price.
Advent forged Oxea, which posted sales of 1.5 billion euros in 2012, from businesses it acquired in 2007 from Celanese and Degussa, now called Evonik.
Oman Oil Company worked with HSBC on the deal while Advent had no bank advisor, another source familiar with the transaction said. - Reuters
Tags: Oman |
More Industry, Logistics & Shipping Stories
- Takamul, Air Products to launch gases JV
- Etihad Cargo implements XML standard
- DI subsidiaries shine at ‘Made in UAE’ expo
- GAC unveils new hull cleaning solution
- Cathay to operate cargo from Al Maktoum airport
- Record line-up seen for Gulf Industry Fair
- Turkish firm eyes Iran petchem business
- Cavotec showcases at Dubai logistics expo
- Ecuador to boost UAE non-oil exports
- Alba moves to cloud with Microsoft