Schülke for sale, Air Liquide confirms

Air Liquide has confirmed that it is considering selling its German-based subsidiary Schülke and has reportedly hired JP Morgan to find a buyer. The company said that it “intends to continue to develop its healthcare activities, while providing Schülke with the best opportunities for its long-term development”. The sale could net €1 billion, but the company stressed that there is no certainty of a divestment as yet.

Schülke has been part of Air Liquide since 1996, when it was acquired from Reckitt & Colman’s German subsidiary, Schülke & Mayr. It makes disinfectants, antiseptics, skincare products, preservatives and biocides. It employs about 1,200 people and turns over €335 million/year, making it a tiny part of the industrial gases giant, which had revenues of €21 billion in 2018, while employing about 66,000.

There have also been rumours of a pending sale of Schülke’s competitor, Emerald Performance Materials. Emerald supplies speciality chemicals for niche consumer and industrial end-markets, which including flavours and fragrances, food and beverage, personal and household care, and others. Originally part of Lubrizol, Emerald was owned from 2006 to 2014 by Sun Capital and since then by American Securities, which has not commented.