08 January 2004
08 January 2004
Avecia has agreed to sell its specialty Additives business to The Lubrizol Corporation for an undisclosed sum. The Additives business has annual sales of approximately £30 million.
The business’ principle manufacturing asset at Huddersfield, UK is included in the sale. Other manufacturing facilities at Grangemouth, Scotland will continue to be operated by Avecia under a long term supply agreement. Approximately 110 employees will transfer to Lubrizol upon completion of the sale, including commercial staff in Europe, Asia and North America.
Avecia CEO, Jeremy Scudamore said: “I am very pleased that we have reached agreement with Lubrizol for the sale of the Additives business. Lubrizol is a recognised leader in specialty additives for transport and industrial applications with a strong technology base. The acquisition of Avecia’s Additives business will complement and strengthen their position in specialty additives for coatings and inks and provide excellent opportunities for future growth in the business”. Mr Scudamore added: “The sale of the Additives business is consistent with Avecia’s strategy of seeking opportunities that add value for Avecia investors.
Net proceeds from the sale will largely be used to repay Avecia’s bank debt.
Scigrip has expanded its agreement with Biesterfeld Spezialchemie to include France and the French territories in Northern Africa, with immediate effect.
Following its strategy to address composites end-use industries specifically, JEC Group is organising The Future of Composites in Transportation, a two-day event taking place on 27-28 June in Chicago.
Dilutec has launched the Colorgel FR LE gel-coat, which complies with the UL 94 (V-0) plastics flammability standard and is characterised by the low emission of volatile organic compounds (VOCs).