ALTANA

ALTANA is a German specialty chemicals group headquartered in Wesel. It develops and manufactures formulated chemicals, functional materials and application technologies for industrial customers rather than producing mainly high-volume commodity chemicals. Its businesses serve coatings, printing inks, plastics, composites, packaging, electronics, electrical equipment and related manufacturing markets. The group is organized around four principal operating divisions: BYK, ECKART, ELANTAS and ACTEGA. BYK supplies additives and testing instruments used to improve properties such as dispersion, flow, leveling, defoaming, surface appearance and processing behavior in coatings, inks, plastics and other formulations. ECKART focuses on metallic and other effect pigments, including materials used to create decorative and functional visual effects in coatings, printing inks, plastics and surfaces. ELANTAS provides electrical insulation materials and electronic chemicals, including insulating enamels, resins and impregnation systems for motors, transformers, generators and electronic components. ACTEGA develops coatings, inks, sealants, adhesives and related compounds for packaging, printing and other industrial applications. ALTANA’s modern corporate history began in 1977, when it was formed through the separation of businesses from the VARTA Group. Its industrial roots extend further back through the Dr. Heinrich Byk chemical business, founded in 1873. For much of its history ALTANA was a diversified public company with both pharmaceuticals and chemicals operations. The pharmaceuticals business was sold to Nycomed in 2006, after which the group became focused exclusively on specialty chemicals. This transaction fundamentally changed ALTANA’s scale, portfolio and identity, making the specialty chemicals businesses the center of the company. The company was traded on the Frankfurt Stock Exchange from 1977 until 2010 and also had a period of New York Stock Exchange trading. A series of takeover offers by SKion GmbH, controlled by Susanne Klatten, reduced the public float and ultimately resulted in a squeeze-out and the suspension of trading in 2010. ALTANA has since operated as a privately held group within the SKion industrial investment structure. ALTANA’s operating model combines specialized divisions, international production, research and service capabilities, and group-level financial and strategic support. The divisions maintain distinct technical identities and customer relationships, while the ALTANA name represents the broader group’s reputation for research, formulation expertise, process knowledge and long-term industrial partnership. Its products are generally embedded in customers’ formulations, components or manufacturing processes, so the corporate brand is more visible in business-to-business markets than to consumers. The group’s present positioning is centered on high-value specialty chemicals, application engineering, technical service and innovation for demanding industrial uses.

ALTANA’s corporate history reaches back to 1873, when Heinrich Byk established a chemical factory in Oranienburg, Germany. The business later became known as BYK-Gulden Lomberg. In 1941, majority control passed to AFA, the accumulator manufacturer that was renamed VARTA in 1962. The separation of VARTA businesses in 1977 created ALTANA as a distinct company. Herbert Quandt was its first chief executive. From its formation, ALTANA developed as a diversified industrial group. Its businesses included pharmaceuticals as well as chemicals, and the company operated as a public corporation for several decades. ALTANA was listed on the Frankfurt Stock Exchange from 1977 through 2010. It was also admitted to trading on the New York Stock Exchange between 2002 and 2007, while its shares were available through several German and international trading venues. A decisive turning point came in 2006, when ALTANA’s shareholders approved the sale of the pharmaceuticals division to Nycomed. The pharmaceutical operation, headquartered in Konstanz, had represented a substantial portion of the company’s employment and revenue. Its disposal transformed ALTANA from a diversified healthcare and chemicals company into a group dedicated to specialty chemicals. The transaction also generated debate among shareholders and commentators. Management cited difficulties in developing and approving new medicines, rising research costs and demanding regulatory conditions. Critics argued that insufficient investment in replacement products had left the business exposed to the anticipated loss of exclusivity for pantoprazole, one of its principal medicines. The proceeds were distributed to shareholders, including through a special dividend. Following the sale, ALTANA reorganized its corporate identity and operated exclusively through its specialty chemicals activities. The company’s portfolio was built around businesses with strong technical specialization and industrial application knowledge. BYK became associated with additives and instruments for coatings, inks and plastics; ECKART with metallic effect pigments and printing inks; ELANTAS with electrical insulation and electronic materials; and ACTEGA with coatings, sealants and related compounds for packaging and printing. These businesses served different technical markets but shared an emphasis on formulated products, customer-specific performance and application support. Ownership changed substantially in the late 2000s. SKion GmbH, controlled by Susanne Klatten, launched takeover offers for ALTANA shares in 2008 and 2009. SKion’s increasing stake reduced the company’s free float and led to ALTANA’s removal from the MDAX in 2008. By 2010, SKion held more than 95 percent of the shares and subsequently completed a squeeze-out of the remaining shareholders. Stock trading was suspended in August 2010, ending ALTANA’s period as a publicly traded company. As a private group, ALTANA has continued to expand and operate internationally through its four specialist divisions. The company’s production, research and service network supports customers across coatings, printing, packaging, plastics, electronics, electrical engineering, composites and related industries. The divisions retain distinct brands and technologies, while ALTANA provides a common corporate framework for investment, international coordination and long-term development. Today, the group is best understood as a business-to-business specialty chemicals platform whose value lies in formulation science, functional materials, technical service and the integration of chemical solutions into customers’ products and processes.

1. 2010ALTANA becomes privately held

   Following a squeeze-out by SKion, ALTANA stock trading is suspended and the group leaves the public markets.

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2. 2008SKion launches a takeover offer

   SKion begins the ownership-consolidation process that ultimately takes ALTANA private.

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3. 2006Pharmaceuticals division is sold

   Shareholders approve the sale of ALTANA’s pharmaceuticals division to Nycomed, leaving specialty chemicals as the group’s sole business.

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4. 2002ALTANA begins New York Stock Exchange trading

   ALTANA is admitted to trading on the New York Stock Exchange for a period lasting until 2007.

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5. 1977ALTANA is created from the VARTA split

   ALTANA is established as one of the companies created when VARTA is divided into separate businesses.

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6. 1941AFA acquires majority control

   AFA, later known as VARTA, obtains majority control of the predecessor business.

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7. 1931The business becomes BYK-Gulden Lomberg

   The predecessor chemical business adopts the BYK-Gulden Lomberg name.

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8. 1873Heinrich Byk establishes a chemical factory

   The historical roots of ALTANA’s chemical activities begin with Heinrich Byk’s chemical factory in Oranienburg.

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A research-driven, application-focused specialty chemicals group serving industrial customers with formulated materials, functional additives and process solutions.

• BYKCoating, ink and plastics additives

  BYK develops additives and testing instruments for coatings, printing inks, plastics and other formulated materials. Its technologies address dispersion, wetting, defoaming, flow, leveling, surface appearance and processing behavior. The business supports formulators seeking more consistent production, improved durability, better visual finish or enhanced performance in demanding industrial applications.

• ECKARTMetallic and effect pigments

  ECKART supplies metallic effect pigments and metallic printing inks for coatings, inks, plastics and decorative surfaces. Its materials are used to create visual effects such as metallic appearance, reflectivity and special surface finishes, while also being engineered for compatibility with industrial formulation and printing processes.

• ELANTASElectrical insulation and electronic materials

  ELANTAS provides insulating enamels, resins, impregnation systems and other functional chemicals for electrical and electronics applications. Its materials help insulate, protect and extend the service life of motors, transformers, generators, power equipment and electronic components exposed to electrical, thermal and mechanical stresses.

• ACTEGAPackaging and printing coatings and compounds

  ACTEGA develops coatings, inks, sealants, adhesives and related compounds for packaging, printing and associated industrial markets. Its solutions are used for surface finishing, package protection, sealing and production performance, with products adapted to different substrates, printing methods and packaging requirements.

• 2009Second offer to remaining shareholdersM&A

  SKion continued to increase its ownership after its initial offer and pursued the remaining publicly held shares.

  What changed. SKion issued a second offer at €14 per share to the remaining shareholders.

  Aftermath. The offer contributed to the eventual consolidation of ALTANA’s share capital and its transition to private ownership.

  Offer price per share. €14 (Offer announced in November 2009)

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• 2008SKion takeover offerM&A

  ALTANA remained publicly traded, but SKion GmbH had become the principal shareholder and sought to consolidate ownership.

  What changed. SKion issued a public offer for outstanding ALTANA shares and stated that the intended direction was to remove the company from public trading.

  Aftermath. SKion’s rising ownership reduced the free float, leading to ALTANA’s removal from the MDAX and setting the stage for a later squeeze-out.

  Offer price per share. €13 (Offer announced in November 2008)

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• 2006Divestiture of the pharmaceuticals divisionM&A

  ALTANA was still a diversified group with pharmaceuticals as a major business. Management cited product-development delays, high research costs and stringent regulatory requirements as reasons for selling the division.

  What changed. Shareholders approved the sale of the pharmaceuticals division to Nycomed. ALTANA subsequently concentrated exclusively on specialty chemicals.

  Aftermath. The transaction fundamentally reshaped the group, ending its pharmaceutical operations and making BYK, ECKART, ELANTAS and ACTEGA-style specialty chemicals activities central to the corporate identity. Critics disputed whether earlier pharmaceutical investment had been sufficient to replace revenue expected to be affected by the expiration of pantoprazole exclusivity.

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• 2010ALTANA trading is suspended after the squeeze-out

  After SKion acquired the remaining shares through a squeeze-out, trading in ALTANA stock was suspended and the company became privately held.

  M&AOther
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• 2009SKion makes a second offer to remaining ALTANA shareholders

  SKion issued a further takeover offer for remaining shares, advancing its effort to consolidate ownership of ALTANA.

  M&A
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• 2008SKion launches a public takeover offer for ALTANA

  SKion GmbH, associated with Susanne Klatten, made a public offer for ALTANA shares as part of a process intended to take the company out of public trading.

  M&A
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• 2008ALTANA is removed from the MDAX

  ALTANA left the MDAX after SKion’s increased ownership reduced the publicly traded free float below the relevant threshold.

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• 2006ALTANA sells its pharmaceuticals division to Nycomed

  Shareholders approved the sale of ALTANA’s pharmaceuticals division to Danish company Nycomed. The transaction removed pharmaceuticals from the group and left specialty chemicals as its sole operating focus.

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1. Altana
2. About ALTANA