sold to new company
The films business of the Belgium-based UCB Group is set to be bought for €320m by a consortium led by the former managing director of Hays Chemical Distribution, Dennis Matthewman, who will chair the new company, and by Candover Partners.
The new company, headed by the existing management team, will focus on the development and production of high quality specialty films. Trading will continue under the Surface Specialties UCB name for a period of time. The acquisition is expected to be completed in September 2004.
The €362m turnover business, previously called UCB Films, is a global producer of specialty BOPP and cellulose (Cellophane) films with production sites in the UK, USA, Belgium and Australia.
The films acquisition includes 50 percent equity in Securency Pty. Ltd., in Australia, which manufactures and markets Guardian high security substrate for polymer banknotes, and substrates for government security documents worldwide.
The sale is in line with UCB’s strategy highlighted recently by the acquisition of the UK-based biotech company Celltech.