Tessenderlo Group Sells its Esters & Aromas Activities

Tessenderlo Fine Chemicals Ltd., to be renamed Tennants Fine Chemicals Ltd., supplies a range of esters and aroma products to a global customer base from its production site located in Leek, Staffordshire (UK), and generated a turnover of slightly more than 45 million pounds (GBP) in 2010.

2/2/2011 --- Tessenderlo Group has sold its subsidiary Tessenderlo Fine Chemicals Limited (TFC Ltd) to Tennants Consolidated Ltd., a leading UK privately held chemical manufacturing and distribution group. The transaction amounted to 17 million pounds (GBP) on a cash-free, debt-free basis.

Tessenderlo Fine Chemicals Ltd., to be renamed Tennants Fine Chemicals Ltd., supplies a range of esters and aroma products to a global customer base from its production site located in Leek, Staffordshire (UK), and generated a turnover of slightly more than 45 million pounds (GBP) in 2010.

Frank Coenen, Tessenderlo Group CEO, said: “This transaction represents a step forward in our strategy of reshaping the group?s activities. The group will continue its focus on specialty products and services, especially sustainable products made from by-products of other industries.” Wim Poot, Tessenderlo Group?s Business Unit Director OCD, added: “TFC Ltd has shown improved results over the last years. With Tennants, a solid and leading company, we believe TFC is well-placed to continue this performance.”

Paul Alexander, Group Chairman of Tennants Consolidated Ltd., said: “We are delighted to welcome TFC to the Tennants group, which we regard as an excellent fit with our existing portfolio of activities.”

Tennants Consolidated Ltd, with registered office in Mayfair, London, can trace its origins back to 1797. It has manufacturing sites in North America, Europe and China and chemical distribution activities worldwide. Tennants Consolidated Ltd. counts 750 employees.