Forcit makes successful exit in Russia
08/09/2008
Forcit’s business unit making dispersion polymers, Finndisp, was taken over earlier this year by an American specialty chemicals producer, Rohm and Haas. The buyer was mainly interested in Finndisp’s plant in Russia, which was financed by Finnfund and Nefco.
Forcit’s business unit making dispersion polymers, Finndisp, was taken over earlier this year by Rohm and Haas. The buyer was mainly interested in Finndisp’s recently completed plant in Russia, which was built with financing from Finnfund together with the Nordic Environmental Finance Corporation NEFCO (read more about OOO Findisp).
Finndisp’s polymer dispersions are used to make water-soluble emulsion paints. These are far superior for the environment and occupational health than the paints in widespread use in Russia. About sixty percent of paints sold in Western Europe are water-soluble, compared with only about twenty percent in Russia.
Forcit, based in Hanko, south-west Finland, believes that the American takeover of Finndisp was a good solution for both parties. Rohm and Haas have the substantial resources that Finndisp’s marketing and product development requires, particularly in the vast Russian market. Forcit, a leading explosives manufacturer, obtained a good price for Finndisp, 60.5 million euros, and will concentrate its future efforts in the development of its core business.
In connection with the takeover, Rohm and Haas repaid the investment loans granted by Finnfund and NEFCO to Forcit’s Russian subsidiary, OOO Finndisp.
Finndisp will shortly have even greater resources at its disposal, when Rohm and Haas merges with another major chemicals corporation, Dow Chemicals. A modern and environmentally responsible plant in Russia, built last year with fairly modest Finnish backing, is now a part of the world’s largest chemicals colossus.
For more information at Finnfund, please contact Mr Jaakko Happo, Analyst, Project Monitoring, tel. +358 9 3484 3340, firstname.lastname@finnfund.fi
