Composites World / NetComposites

Connecting you to the composites industry

Advertisement

NetComposites Ltd has transferred the rights and ownership of this website to Gardner Business Media Inc.

On 1st January 2020, NetComposites' media assets including netcomposites.com, newsletters and conferences were transferred to Composites World (Gardner Business Media).

This site is no longer being updated. Please direct all enquiries to netcomposites@gardnerweb.com.

For further details see our joint press release.

Avecia to sell its Additives business to The Lubrizol Corporation

  • Thursday, 8th January 2004
  • 0 comments
  • Reading time: less than a minute

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.


For more information visit:


Share this article


Categories


More News


Comments (0)

Leave your comment