Latest news with #DyStar
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries signs $696 million share purchase deal to sell DyStar stake
By Aditya Bhagchandani Published on May 30, 2025, 09:28 IST Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co., Ltd to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. The agreement was inked on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP. As per the SPA, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be paid by the purchaser to meet shortfall adjustments or fulfill SPA obligations, with provisions for further adjustments as per the agreement's terms. The deal stems from a directive issued by the Singapore International Commercial Court in February 2024, ordering an en-bloc sale of stakes held by Kiri Industries and Senda International Capital in DyStar. The transaction is subject to customary closing conditions and regulatory approvals, with a long-stop date of October 2, 2025, extendable to November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for the transaction. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries shares fall over 6% after DyStar stake sale to Zhejiang Longsheng
By Aditya Bhagchandani Published on May 30, 2025, 09:31 IST Shares of Kiri Industries declined 6.1% to ₹682.25 in early trade on May 30 after the company announced the signing of a Share Purchase Agreement (SPA) to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. to Zhejiang Longsheng Group Co., Ltd. As per the SPA, signed on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be payable to address shortfall adjustments or other obligations. Further adjustments may also apply based on the final terms of the agreement. This divestment follows a directive from the Singapore International Commercial Court (SICC) in February 2024, which ordered an en-bloc sale of DyStar stakes held by both Kiri Industries and Senda International Capital. The transaction is subject to regulatory approvals and customary closing conditions. The long-stop date for completion is set for October 2, 2025, with an extension available until November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for this transaction. The stock saw selling pressure despite the substantial valuation of the deal, likely on investor concerns about near-term earnings visibility and execution timelines. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Fibre2Fashion
25-04-2025
- Business
- Fibre2Fashion
DyStar consolidates manufacturing operations in Americas
DyStar, a leading specialty chemical company with a heritage of more than a century in product development and innovation, announced the cessation of manufacturing operations at DyStar Hilton Davis with partial integration of production within DyStar LP in Reidsville, North Carolina. DyStar will cease manufacturing at its Hilton Davis facility by June 30, 2025, integrating operations into Reidsville, NC, as part of its Americas consolidation plan. Production will continue at Reidsville and Cheyenne sites. The company remains committed to supporting affected employees and maintaining supply without compromising quality or sustainability. The latest integration will impact the production facility of DyStar Hilton Davis, which primarily manufactures Food, Drug, and Cosmetic Dyes (FD&C), Drug and Cosmetic Dyes (D&C), Lakes, Technical Dyes, and Pigment Dispersions. As part of our ongoing efforts to consolidate and optimize our manufacturing footprint (MFO) in Americas, the facility will cease production operations on 30 June 2025. Following the final instalment of the Group's consolidation plan, DyStar's Americas will focus our main production activities at the sites in Reidsville, North Carolina, and Cheyenne, Wyoming. Mr. Xu Yalin, Managing Director and President, DyStar Group said, 'We believe that the success of the strategic plan will position DyStar to decisively respond to the fundamental changes taking place in the industry and enables us to improve profitability while maintaining strategic product development capability, and to accelerate growth over the long-term.' Mr. Clement Yang, Vice President, Global Manufacturing, DyStar Group said, 'The overall plan builds upon our global capabilities and resources, and it reinforces DyStar's strong commitment to strategic investments, product and service excellence, as well as productivity improvements that will drive our Company, customers and industry forward.' DyStar remains committed to working closely with all stakeholders, including affected employees, customers, suppliers, and partners to minimize the impact on business operations and to ensure a smooth global transition. We will treat all affected parties with due respect and dignity, adhering to company policies, collective bargaining agreements and regulatory requirements. The company will support affected employees with necessary resources during this transition, including resources and opportunities for employees to apply for open positions at other DyStar locations in Americas. DyStar is taking every measure to minimize the impact on business operations. We will continue to supply FD&C and D&C Dyes, Lakes, Technical Dyes and Pigment Dispersions from other sites within our global network. These offerings will be made without compromising quality, safety, and sustainability. DyStar remains optimistic about these essential changes to our business as we continue to support the global supply chain and all stakeholders in a competitive and sustainable manner across the industries we operate. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
