UCB : Sale of Methylamines & Derivatives Activities
UCB has signed a definitive agreement to sell its Methylamines & Derivatives business to a company formed by NIB Capital Private Equity N.V., an important Amsterdam-based Private Equity Investor, with more than € 14 billion under management. All these activities were already grouped together in a separate business unit under the name "Taminco", being part of Surface Specialties. The transaction amount is € 115 million. The approval of the anti-trust authorities in some countries is part of the conditions customary for a transaction of this nature. Closing of the transaction is expected to take place on September 30, 2003.
Under the terms of the agreement, the buyers will take over the entire activity, comprising the production units of Methylamines & Derivatives of UCB in Belgium (Ghent/Wondelgem), Germany (Leuna) and China (Fengxian), as well as the related commercial organization throughout the world.
The sites and the commercial organization which constitute the Methylamines & Derivatives activities employ ca 500 people and generated a turnover of € 186 million in 2002.
Faithful to its strategic will to continue to develop specialty chemicals, in which it has a world leadership, the UCB Group started some time ago a disinvestment process in the field of Methylamines & Derivatives. On their side, the buyers have confirmed to UCB that they will further develop the business with the active participation of the personnel and management team already in place.
Surface Specialties, which integrates UCB's chemical and film activities together with Solutia's specialties, employs today ca 4.600 people. The Sector, committed to technically innovative products for surface applications, is organized in three business units : Coating Resins & Additives, Films & Adhesives and Technical Resins. In each of these business units, Surface Specialties holds leader positions. Surface Specialties reached, end of June 2003, a turnover of € 677 million, Taminco not included.
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