Clearwater acted as sole financial adviser to Degussa AG on the sale of its subsidiary Methanova GmbH to INEOS.
The company produces methanol derivatives such as formaldehyde and paraformaldehyde, which among others are used in the production of phenolic, urea and melamine resin. In 2002 Methanova generated sales of c. €45m and employs 170 staff.
The sale is in line with Degussa's strategy, announced in February 2001, focusing on specialty chemicals along with the intended disposals in its almost completed divestment program, such non-core activities include Methanova.
