ICI
Plastics “close-out” nears completion / Acrylics and fluoropolymers sold to Ineos and Asahi
The ICI group (GB-London SW 1P 3JF) is close to completing its “close-out” sale for plastics. Most recent moves are the sale of the acrylics business for EUR 780m to the British investment partnership Ineos and Charterhouse Development Capital and the transfer of fluoropolymers for EUR 135m to Japan´s Asahi Glass Company (Tokyo).
With 1998 sales of GBP 536m, ICI Acrylics (B-3078 Everberg) is a major producer of methacrylate products, including MMA monomer, PMMA sheets and raw materials. It has 15 production sites in nine countries and employs more than 2,000 people in Asia, the Americas and Europe. Most of the employees are to be retained by the new owners. ICI executive Scott Davidson will continue to run the business. The acquisition is being pursued by the newly founded Ineos Acrylics Ltd and financed by Charterhouse.
The ICI fluoropolymers business, mainly PTFE, had 1998 sales of USD 110m and production sites at Bayonne, New Jersey/US and Fleetwood, Lancashire (UK), as well as a US compounding plant at Thorndale, Pennsylvania. All 400 employees will transfer to Asahi. In January 1999, the Japanese group acquired all shares of its former 50:50 joint venture with ICI in Japan, which now trades as Asahi Glass Fluoropoylmers Co. Ltd. Alongside glass and fluorine chemicals (including polymers), Asahi has interests in urethane systems. The ICI deal will triple its stake in the global fluoropolymers market to 18%.
Since May 1997, ICI has shed more than 50 business units, cashing in more than EUR9bn. Earlier this year, the acrylic sheets business in eastern Germany was sold to Barlo Plastics.When the sell-off of its industrial chemicals business is completed, the UK group will have transformed itself into a speciality chemicals and colours producer.
With 1998 sales of GBP 536m, ICI Acrylics (B-3078 Everberg) is a major producer of methacrylate products, including MMA monomer, PMMA sheets and raw materials. It has 15 production sites in nine countries and employs more than 2,000 people in Asia, the Americas and Europe. Most of the employees are to be retained by the new owners. ICI executive Scott Davidson will continue to run the business. The acquisition is being pursued by the newly founded Ineos Acrylics Ltd and financed by Charterhouse.
The ICI fluoropolymers business, mainly PTFE, had 1998 sales of USD 110m and production sites at Bayonne, New Jersey/US and Fleetwood, Lancashire (UK), as well as a US compounding plant at Thorndale, Pennsylvania. All 400 employees will transfer to Asahi. In January 1999, the Japanese group acquired all shares of its former 50:50 joint venture with ICI in Japan, which now trades as Asahi Glass Fluoropoylmers Co. Ltd. Alongside glass and fluorine chemicals (including polymers), Asahi has interests in urethane systems. The ICI deal will triple its stake in the global fluoropolymers market to 18%.
Since May 1997, ICI has shed more than 50 business units, cashing in more than EUR9bn. Earlier this year, the acrylic sheets business in eastern Germany was sold to Barlo Plastics.When the sell-off of its industrial chemicals business is completed, the UK group will have transformed itself into a speciality chemicals and colours producer.
15.10.1999 Plasteurope.com [17766]
Published on 15.10.1999