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Solutia unit sale to Belgian firm gets U.S. OK

Published on 2003-01-10. Author : SpecialChem

 

Belgian drug and chemical firm UCB has received U.S. regulatory approval to buy the resins, additives and adhesives businesses from Solutia Inc. for U.S.$500 million in cash.

The U.S. Federal Trade Commission said antitrust officials ended their review of the acquisition with no challenges.

In December 2002, Solutia said it would sell the business unit and 10 manufacturing facilities, the majority in Europe, as part of the deal, to pay down debt and save interest.
The 1,700 employees of the businesses will transfer to UCB, Solutia said, except at the LaSalle, Canada and Springfield, Mass., facilities.

UCB is currently comprised of three divisions - drugs, film and chemicals. But with the acquisition, it will now group together the chemicals and film businesses and maintain a separate drugs business.
The company had estimated annual revenues at the new "surface specialties" business, which makes chemicals for glue and resins for graphic arts, would total more than 1.5 billion euros worldwide.

Brussels, Belgium-based UCB manufactures pharmaceuticals, chemicals and films in 130 locations worldwide.
St. Louis-based Solutia Inc. develops specialty chemicals, fibers, resins, fluids and other performance products.


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