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Sasol frees Dave Avnit from appointment
Sasol announced on 11 Dec 00 that Mr Dave Avnit would join the organisation as CFO as of 1 Feb 01. Subsequent to this announcement it has become evident that it would not be in the interests of the parties to proceed with the appointment. It has been agreed to free Mr Dave Avnit to pursue other opportunities.
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Sasol reaches agreement for CONDEA's acquisition
Sasol has signed an agreement with RWE-DEA (Germany) to acquire its chemical arm CONDEA, whose business is concentrated on the surfactant value chain and in oxygenated solvents, for Euro 1 295 million in cash, based on a net equity of Euro 1 105.3 million, effective 1 Jul 00. An adjustment will be made should the net equity at the closing date be more than Euro 1 115.3 million or less than Euro 1 095.3 million. Sasol will finance the acquisition through its own cash resources and foreign bank debt, which will be replaced with appropriate longer term finance. The deal will expand Sasol's chemical portfolio in key growth areas, allow for the exploitation of synergies with existing operations, expand Sasol's current product base, substantially grow Sasol's foreign income (to 35% of total income) and result in a diversification of technologies and feedstock.
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Sasol appoints new CFO
Sasol has appointed Dave Avnit as Chief Financial Officer with effect from 1 Feb 01. He was previously CEO of Fedsure Healthcare.
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Sasol investigates joint venture with Mitsubishi
Sasol subsidiary Sasol Chemical Industries is investigating Mitsubishi Chemical Corporation as a possible joint venture partner in its R1.5bn acrylic acid and acrylic ester project in Sasolburg, which is scheduled to begin production in 2003. The first phase will consist of a 80 000 ton per year crude acrylic acid plant and a glacial acrylic acid, n-bytyl acrylate and ethyl acrylate production facilities. The compounds are used to make solvents, adhesives and inks. Feedstock for the plant will be produced at Sasol plants in Sasolburg.
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