- RÜTGERS sold for gross enterprise value of € 702 million
- Complementary products and geographic presence
- Transaction expected to close in first quarter 2013
- RÜTGERS' sales up 25 percent since acquisition in 2008
- 'Together both companies will have a large and well-balanced product portfolio coupled with better international reach,' said Henri Steinmetz, CEO of RÜTGERS
Zelzate (Belgium) 22/10/2012
Rain CII is one of the world's leading producers of calcined petroleum coke and is a major supplier to the world's aluminium industry. Operations include calcining plants in the United States, India and China together with three deep-water shipping terminals. Founded in 1849, RÜTGERS is Europe's leading producer of coal tar chemicals and is a global raw materials supplier to various industries with a geographic focus in Europe, Russia, Americas and the Middle East. With the acquisition, Rain CII will expand its product offering and geographic footprint.
'RÜTGERS and Rain CII have complementary products and geographic presences. Together both companies will have a large and well-balanced product portfolio coupled with better international reach,' said Henri Steinmetz, CEO of RÜTGERS. 'Our investments in existing sites and new facilities in the Netherlands and Russia provide for new innovative products and further strengthened market positions. RÜTGERS is today well positioned to continue to prosper and we believe that Rain CII has the credentials to and will be a good owner for RÜTGERS'.
'We are pleased with the development of RÜTGERS under the four and a half years of Triton ownership. Henri and the management team, together with the board and all employees, have done a fantastic job over many years,' said Peder Prahl, director of the General Partner of Triton Fund II. 'We would like to thank all employees for their contributions during Triton's ownership'.
Since 2008 RÜTGERS has focussed on organic growth together with targeted joint ventures for international expansion. This has led to an approximately 25 percent increase in sales and double digit operating margins. RÜTGERS today has around 1,000 employees operating from eight production sites worldwide. The company's latest step in expanding its business internationally was the formation of the joint venture 'Severtar' with Russian steel producer Severstal in March 2012. 'Severtar' is currently establishing production facilities north-east of Moscow which will serve the growing aluminium markets in the Middle East.
The transaction is still subject to approval by relevant regulatory authorities and is expected to close in the first quarter of 2013.