Ciba Specialty Chemicals, the world's top 500 company, recently reached an agreement with Huntsman to sell textile dyeing business. The agreement involves a total of 332 million Swiss francs, which is expected to be completed in the third quarter of 2006 after a comprehensive stripping process and necessary regulatory review procedures.
In the next six months, Huntsman will replace its own factory with the factory in the Swiss headquarters of the Ciba refined textile dyeing business and the factory in Panyu, Guangdong, China. And this action will also be carried out in its global factory.
Mai Yimin, Chairman and CEO of Ciba Specialty Chemicals, said that the Board hopes to find a solution that will ensure the sustainable development of the textile dyeing business and strengthen the overall positioning of the company while taking into account the interests of employees. In the end, Ciba Refinery believes that stripping is the best choice. Mai Yimin said that the divestiture will help achieve the board's strategic goal of focusing on its core business—plastic additives, coating applications and water quality and paper handling—to strengthen and expand the company's overall position.
It is understood that the sales of Ciba Specialty Textiles and Dyeing Division in 2005 was 1.3 billion Swiss francs. About 3,300 employees in the Textile and Dyeing Department and 900 group administrative support staff will be transferred to Huntsman as a whole.

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