Rockwood Holdings (ROC) is selling CeramTec, its advanced ceramics business to PE firm Cinven...

|About: Rockwood Holdings, Inc. (ROC)|By:, SA News Editor

Rockwood Holdings (ROC) is selling CeramTec, its advanced ceramics business to PE firm Cinven for €1.49B ($1.98B). "Successful execution of this transaction at an attractive multiple will bring Rockwood one significant step closer to our strategic objective and commitment to become a more focused specialty chemical company with a growth portfolio that best maximizes value and returns for our shareholders. We expect to use the substantial net cash proceeds to support our balanced approach to debt reduction, return of capital to shareholders and re-investment in our complementary growth core businesses." (PR, earlier coverage)