UCB Sells its Surface Specialties business to Cytec for EUR 1.5 billion
UCB, the Biopharmaceutical and Specialty Chemical company, announced that it has signed an agreement to sell its Surface Specialties business to Cytec Industries Inc. (Cytec) for a total amount of EUR 1.5 billion of which EUR 1.3 billion in cash and EUR 0.2 billion in shares of Cytec (approximately 12 % of the capital). The sale will be submitted for approval to the relevant competition authorities and is expected to be concluded by the end of December 2004.
Through in-house innovation and the acquisition of Solutia's Coating Resins, Additives and Adhesives activities in 2003, Surface Specialties has built a leading position in these areas. Its production facilities are located in 3 continents, it has 4 R&D centers, 10 technical service centers and has commercial operations worldwide. It employs approximately 2,900 people and generated (excluding Films), a turnover of EUR 1.1 billion in 2003.
The present organization and facilities of Surface Specialties are expected to be maintained as such, including the division's worldwide headquarters in Brussels. Ben Van Assche, the current CEO of Surface Specialties will remain in charge of the division, will be elected as a corporate officer and appointed as a member of Cytec Executive Committee.
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