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Tessenderlo said to retain potassium sulphate business
Friday 12 August 2011

12 August 2011 - Belgian chemical company Tessenderlo Chemie (EBR:TESB) is understood to be no longer looking for a buyer of its potassium sulphate activities, daily De Tijd reported today.

Fertiliser demand has so much increased that a sale is no more imminent, the paper wrote.

The planned sale was in line with the new strategy of the company that had been undergoing a transformation process since the appointment of chief executive Frank Coenen at the beginning of 2010. Coenen wanted to shed mineral chemistry, including fertilisers and fodder, as the activities were not profitable. Yet, the market has turned. The division managed to return to a profit of over EUR6m (USD8.5m) in the first quarter of 2011 after a loss in the year-ago period.

Tessenderlo produces annually 660,000 tonnes of potassium sulphate fertilisers, which makes it the second largest player in the world.
Date Published: 12/08/2011
Target: Potassium sulphate business
Country: Belgium
Sector: Chemicals
Type: Divestment
Status: Terminated
Vendor: Tessenderlo Chemie NV