UCB sells its Methylamines
2 Sep 2002
Belgian-based chemicals group UCB has signed a definitive agreement to sell its Methylamines and Derivatives business to a partnership company formed between Morgan Stanley Capital Partners and Sorgenti Investment Partners.
Morgan Stanley Capital Partners is the main fund of the private equity business of Morgan Stanley, whilst Sorgenti Investment Partners is a Philadelphia-based investment group specialising in the chemical industry.
The closing of the 120 million Euro transaction is expected to take place on October 31 2002, subject to the approval of anti-trust authorities.
Under the terms of the agreement, the buyers will take over the production units of UCB in Belgium (Ghent/Wondelgem), Germany (Leuna) and China (Fengxian), as well as UCB's related world-wide commercial organisations.
The production sites and the commercial organisation which constitute the Methylamines and Derivatives activities employ around 520 people and generated a turnover of 187 million Euros in 2001.
