Nouryon completes spin-out of Nobian
Nouryon, a global specialty chemicals company, announced the completion of the spin-out of its base chemicals business, Nobian, into a separate company remaining under the ownership of Nouryon’s equity owners, The Carlyle Group and GIC.
“This is an important milestone, positioning Nouryon as a global specialty chemicals leader. Our focused strategy will allow Nouryon to grow and exceed our customers’ expectations by delivering innovative and sustainable solutions that answer society’s needs,” said Charlie Shaver, chairman and CEO of Nouryon and chairman of Nobian.
“This enhanced focus allows Nouryon to benefit from an increasingly specialized and leading portfolio in Performance Formulations and Technology Solutions, driven by resilient and growing end-markets.”
The transaction positions the two companies to achieve their full potential in their respective focus areas:
Nouryon, a global leader providing essential, sustainable solutions for manufacturing everyday products including personal care, cleaning goods, paints and coatings, agriculture and food, pharmaceuticals, and building products. The company employs about 7,900 people in over 80 countries and had revenues in 2020 of EUR3.7 billion (USD4.4 billion).
Nobian, a European leader in the production of essential base chemicals for industries ranging from construction and cleaning to pharmaceuticals and water treatment. The company employs about 1,600 people and had revenues in 2020 of EUR1.0 billion (USD1.2 billion).
As part of the spin-out transaction, Nouryon repaid EUR1.5 billion (USD1.8 billion) of its debt with the proceeds of a completed external financing by Nobian. To help ensure a seamless transformation, Nouryon will continue to provide transitional support services to Nobian across multiple functional areas.
“I would like to take this opportunity to say thank you to our Nobian colleagues for their contributions to Nouryon and wish them a successful future as a standalone company,” said Shaver.