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UCB Acquires Solutia'a Resins, Additives and Adhesives for $500 Million
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UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee. The new entity will become a strong global player in resins for industrial and specialty coatings, graphic arts and adhesives, focused on environmentally friendly technologies.
The new acquisition is a logical step in reinforcing UCB's position in surface treatment technologies. The activities taken over by UCB from Solutia are remarkably complementary to UCB Chemical Specialties' activities. They cover liquid coating resins (including waterborne and high-solids), technical resins, additives and adhesives. These activities are mainly geared towards high-end industrial coating applications, with a particular focus on metal and automotive.
Combining the two businesses will allow UCB to bring a superior product, application and solutions offering to the customers, to realize new innovation and globalization opportunities, and to reach the scale to be truly globally effective.
The acquisition will include approximately 1,700 employees, located in a number of research facilities and sales offices, and 10 production sites. These facilities are situated in Europe, as well as in the Americas and Asia. The transaction is expected to close early in 2003, and is subject to regulatory approval. The activities will be consolidated as of the closing date.
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December 20th, 2002
Source: GlassDigest |
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