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Carlyle exits China’s Sinorgchem to Sinochem International

5 Jul 2012

Carlyle Group has sold its stake in Chinese rubber antioxidants producer Jiangsu Sinorgchem to state-owned chemical company Sinochem International.

Sinochem picked up Carlyle’s 40 per cent stake, which was owned through holding company Oxygen Partners, as part of a $444m series of deals in which the company acquired almost 61 per cent of the business.

Carlyle paid $87m for its stake in the company in June 2008 according to the Asian Venture Capital Journal.

A Sinochem statement said, “This M&A will open a broad space for Sinochem International’s future follow-up expansion in rubber chemical industry.

“It will help the company to enhance R&D and industrial transformation ability, acquire core technologies and products, improve the industrial chain, increase investment income and consequently enhance its industry competitiveness and influence, which are in line with the long-term strategic planning of Sinochem International’s rubber industry.”

Global buyout house Carlyle was invited to make a second-round bid for CVC-backed iPhone and Blackberry screw-maker Infastech last month.

Unitas Capital and Stanley Black & Decker are also believed to be involved in the bidding round for the China-based company, which could sell for up to $850m.

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