UCB has signed an agreement to sell its Films business | UCB
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UCB has signed an agreement to sell its Films business

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BRUSSELS – July 19th, 2004 - UCB announces that it has signed an agreement to sell its films business (“Films”) for a total amount of € 320 million in cash. The purchaser is a consortium led by Dennis Matthewman and Candover Partners Ltd. Denis Matthewman, the former Managing Director of Hays Chemical Distribution, will chair the new company.

“Films” is part of UCB's Surface Specialties and generated a turnover in 2003 of € 362 million. Its production facilities are located in the UK (Wigton and Bridgwater), in the United States (Tecumseh), in Australia (Melbourne) and in Belgium (Merelbeke), with commercial operations worldwide. “Films” employs 1,600 people.

Georges Jacobs, Chairman of the Executive Committee of UCB said: “This sale is in line with UCB's strategy highlighted recently by the acquisition of Celltech. The management and employees of “Films” will benefit from being part of an organisation fully committed to the development of films activities. I would like to pay tribute to everyone involved with “Films” for their skill and dedication and to thank them for their contribution to UCB. We wish them well as part of the new company."

The closing of the deal should take place at the beginning of September 2004.


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