• Table of Contents • cen-chemjobs.org • Today's Headlines • Editor's Page • Business • Government & Policy • Science & Technology • ACS News • Calendars • Books • Career & Employment • Special Reports • Nanotechnology • What's That Stuff?          Back Issues 2003 2002 2001 2000 1999 1998  Safety Letters  Chemcyclopedia ACS Members can sign up to receive C&EN e-mail newsletter.   Join ACS			March 10, 2003 Volume 81, Number 10 CENEAR 81 10 p. 15 ISSN 0009-2347 BUSINESS CHANGE AT DEGUSSA Potpourri of news marks RAG's buy of stake in specialty chemicals firm WILLIAM STORCK NEW AT HELM Starzacher (left) shakes hands with his predecessor, Simson. DEGUSSA PHOTO Since taking over 46.5% of Degussa, German conglomerate RAG has lost little time making changes at its new property. In the space of about a week, Degussa named a new supervisory board chairman, announced annual results, agreed to sell a joint venture it owns with Bayer, and announced a start-up in nanomaterials. And, RAG says, it will divest three of the four business units of chemical maker Rütgers, which it owns independently of Degussa. Karl Starzacher, 57, chairman of RAG's management board, is the new chairman of Degussa's supervisory board, replacing Wilhelm Simson, chairman of E.ON. In May 2004, E.ON will sell its 46.5% stake in Degussa and RAG will increase ownership to 51%. Simson will remain a member of the board. Degussa announced that total 2002 sales declined 0.8% from 2001 to $11.2 billion, but sales from core operations rose 1.1% to $10.4 billion. Pretax earnings were 0.5% lower, at $619 mil- lion. Because of unspecified one-time items, however, net income plunged 63.8% to $215 million. Utz-Hellmuth Felcht, chairman of Degussa's management board, predicts a 5% increase in sales from core operations this year and improvement in pretax earnings, "despite all the uncertain factors." Seeking to focus on core operations, Degussa and Bayer have sold their PolymerLatex joint venture to Soros Private Equity partners for $254 million. And Degussa is investing $27 million in a new unit to produce nanomaterials. Degussa expects that the unit, with a current staff of 20, will establish itself as a profitable business with new products by 2006. For its part, RAG will sell the Isola (plastics for electronics), Bakelite (thermosetting plastics), and Troplast (construction plastics) divisions of Rütgers. RAG will keep Rütgers' chemicals unit, which could be merged into Degussa. Top Chemical & Engineering News Copyright © 2003 American Chemical Society			Advanced Options Related Story TOUGH TIMES IN PHARMA CHEMICALS [C&EN, March 3, 2003] E-mail this article to a friend Print this article E-mail the editor
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