NetComposites
Thermwood

Avecia to sell its Additives business to The Lubrizol Corporation

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.






Related / You might like...

EconCore Highlights Lightweighting Benefits of Honeycomb Panels in Transportation

ThermHex Waben and EconCore will exhibit at the IAA Commercial Vehicles exhibition in Hannover, Germany, on 20-27 September 2018.

TFP Presents Nonwoven Solutions for Transportation

Technical Fibre Products (TFP) will exhibit nonwovens for use in surface finishing, imparting EMI shielding or fire protection, and other transport applications, at the JEC Conference on The Future of Composites in Transportation, taking place in Chicago, US, on 27-28 June.

TRB Lightweight Structures Develops Biocomposite Rail Carriage Door Leaf

TRB Lightweight Structures has developed a carbon fibre reinforced plastic (CFRP) sandwich panel door leaf using a bio-based resin and a 100% recycled foam core.