Imperial puts sale of German chemicals company on hold
Imperial Holdings has halted the sale of its German agrochemical unit after potential buyers failed to meet the $151m valuation, according to media reports. The reports say that in the last half of 2016, the company had been looking to offload Schirm, which makes products for global chemical manufacturers BASF, Dow Chemical and Syngenta. Schirm generates about €113m in annual sales. Imperial took control of the company through its buyout of German logistics group Lehnkering in 2011. “Unfortunately, Imperial is in a closed period and the company’s policy is not to comment on market speculation,” the group said on Monday. Under CEO Mark Lamberti, Imperial has been selling assets to simplify the group into two distinct units: Imperial Logistics and Motus, a vehicle import, distribution, dealership, rental, after-market parts and vehicle-related financial services entity. In June 2017, Imperial had completed the R1.8bn sale of the Regent Insurance Group to Hollard. It is also reported t...
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