31.05.02: Borregaard, Orkla's chemicals area, sells the Swedish company Kemetyl AB to Pemco AS.
Kemetyl produces ethanol-based products to consumers and various industrial markets. It has a 42-strong workforce and in 2001 posted a turnover of SEK 190 million. Kemetyl's production facilities and offices are located in Haninge near Stockholm.
Kemetyl is not a part of Borregaard's core business, and Borregaard believes Kemetyl's potentials can be developed better under new owners.
The parties do not wish to disclose the terms of the transfer. The sale is given accounting effect as from 1 January 2002.
Borregaard is an international chemicals company whose core business is specialty chemicals, fine chemicals and ingredients.
Pemco is a Norwegian trading and industrial company with operations in Scandinavia and the Baltic. The group has a workforce of about 200 and turnover in 2001 was NOK 1,200 million. Pemco operates in the business areas oil trading, lubricants and consumer and industrial chemicals.