Selling surface specialties
1 Oct 2004
UCB, the biopharmaceutical and specialty chemicals company, has signed an agreement to sell its Surface Specialties business to Cytec Industries for 1.5 billion Euros.
The present organization and facilities of Surface Specialties are expected to be maintained as such, including the division's worldwide headquarters in Brussels.
Surface Specialties production facilities are located in 3 continents. The company's has 4 R&D centres, and 10 technical service centres. It employs approximately 2,900 people and generated (excluding Films), a turnover of 1.1 billion Euros in 2003.
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.
West Paterson, NJ-based Cytec is a specialty chemicals and specialty materials company with sales in 2003 of $ 1.5 billion. Cytec employs approximately 4,500 people and operates manufacturing and research facilities in 10 countries.
The details of the deal, which is expected to be concluded by the end of December 2004, will be submitted for approval to the relevant competition authorities.
