LA Investment Firm To Acquire DyStar
Los Angeles (LA)-based global investment company Platinum Equity has agreed to acquire
Frankfurt-based textile dye manufacturer DyStar from its current owners: Germany-based BASF AG and
Bayer AG, and Hoechst AG - a Frankfurt-based subsidiary of France-based Aventis. Financial details
of the transaction, which is subject to regulatory approval, have not been disclosed.
"We are excited about the opportunity to acquire this business," said Tom T. Gores, chairman and CEO, Platinum Equity. "DyStar is already a leader in the textile dye industry, with a well-deserved reputation in servicing the textile and fashion industry. We have enormous confidence in its future potential."
Bayer and Hoechst established DyStar in 1995 and expanded the company with the inclusion of BASF's textile dye business in 2000. In 2003, DyStar a global company with a workforce totaling approximately 3,900 employees reported sales of approximately 800 million euros.