化学工業日報 2002/9/26
ICI、触媒事業をJ・マッセイに売却
ICIは触媒事業のシネティックスをジョンソン・マッセイに売却する。売却額は2億6000万ポンドで、2002年第四・4半期にも売却を完了する。同社は2002年1月、負債削減による財務体質の維持・向上を目的として、株主割当増資とともに触媒事業の売却方針を決めていた。
2002/9/23
ICI Agrees Sale of Synetix for £260 Million
Imperial Chemical Industries PLC has agreed to sell its catalyst business, Synetix, to Johnson Matthey plc for a total of £260 million in cash. Net proceeds after tax and other costs are expected to be about £210 million, and will be used to reduce indebtedness.
Completion of the transaction is expected in the fourth quarter, subject to regulatory approval and, in the case of ICI India Limited, to shareholder approval. ICI India will recommend the sale of its catalyst business to its shareholders.
The agreement follows the strategic decision by the ICI Board, announced on January 31, 2002, to divest the Synetix business. ICI Chief Executive Brendan O'Neill welcomed the news, commenting that "the agreement represents excellent value for ICI and its shareholders, confirming our expectations when we announced our intent to sell the business."
Synetix focuses on the sales of catalysts and service technologies in key market segments of edible oils, polymerisation, methanol, ammonia, oil and gas, chemicals, fine chemicals and oleochemicals. The business has catalyst production facilities in several countries and is headquartered at Billingham in the UK. It has approximately 800 employees, who will transfer to Johnson Matthey, and about 5,000 customers in 85 countries.
For the year ended December 31, 2001, Synetix had sales of £146 million, trading profit of £24 million and at December 31, 2001 had net operating assets of £109 million.The transaction is expected to give rise to a profit after tax of around £85 million which will be accounted for as an exceptional item in the fourth quarter.
ICI is one of the world's largest producers of specialty products and paints. It is a global leader in creating, developing, making and marketing ingredients for foods and personal care, specialty polymers, electronic materials, fragrances and flavours. Together with its traditional strengths in paints, ICI is a major player in the worldwide development of sensory products. Products made by ICI are the vital ingredients that add value to its customers' products and processes. ICI has 38,000 employees worldwide, and had sales in 2001 of £6.4 billion.
1999/6/30
ICI Completes Sale of Polyurethanes, Tioxide and Selected
Petrochemicals for £1.7 Billion
ICI has completed the sale of its polyurethanes, titanium dioxide
and selected petrochemicals businesses to Huntsman, the largest
privately owned chemicals group in North America, for an
anticipated aggregate consideration of £1.7 billion.
The disposal of these businesses continues ICI's strategic shift
towards specialty products and paints.
Initial gross proceeds to ICI from the disposals are expected to
total approximately £1.4 billion, comprising £1.25
billion in cash already received on completion and £150
million of HICI Notes, which are expected to be marketed six
months after completion.
Net cash proceeds from the transaction which was first announced
on April 15, will be used to reduce Group indebtedness.
Huntsman has acquired the businesses through a new company, Huntsman ICI
Holdings ("HICI")
established in partnership for that purpose. HICI, which also includes
Huntsman's US propylene oxide assets, will be controlled by Huntsman, and ICI will retain a
30 per cent shareholding. ICI's investment in HICI has an estimated
current value of around £300 million.
Completion of the agreement announced on June 1 under which HICI
would purchase BP Amoco's 20 per cent share of the olefines
manufacturing plant and related assets at Wilton has also been
achieved. ICI's 80 per cent share of the plant has been
transferred to HICI for a nominal amount.
Since May 1997, ICI has completed more than 40 disposals and the
value of the total gross proceeds from the divestment programme,
either agreed or completed, now exceeds £5.6 billion.
The disposal of ICI Polyurethanes, Tioxide and selected
petrochemicals is a significant advance in the programme to
dispose of ICI's industrial chemicals and materials businesses.
ICI is continuing to pursue vigorously the sale of most of its
residual industrial chemicals businesses and the remaining
materials business, ICI Acrylics. Further announcements will be
made in due course.
2000/11/2
Divestment of ICI's Investment in Huntsman ICI
ICI and Huntsman have agreed terms relating to the sale by ICI of its residual 30% equity ownership in Huntsman ICI Holdings LLC ("HICI") to Huntsman Specialty Chemicals Corporation or its nominee ("Huntsman") for $365m (£250m) plus interest accruing until completion.
The deal is conditional upon a number of approvals, including regulatory approvals, and upon ICI selling its remaining HICI Subordinated Notes. Under the deal, once the conditions have been satisfied, Huntsman can call the equity at any time up to June 30th 2001 or ICI can require Huntsman to purchase the equity from April 1st 2001 until June 30th 2001. The timing of exercise of either option may be extended by a maximum of 30 days in certain circumstances. The sale of both equity and bonds is likely to be completed by around mid-2001. ICI expects that the total gross proceeds from the disposal of its investment in HICI will be more than £400m.
HICI was established as a subsidiary of Huntsman Corporation when ICI agreed to sell its Polyurethanes, Tioxide and selected Petrochemicals businesses to HICI, in 1999. In addition, Huntsman contributed its US Propylene Oxide and MTBE businesses to the new company. ICI retained a 30% equity stake. The agreed price for the equity of $365m represents a return to ICI of 35% on its original investment as at June 1999.
Net cash proceeds from the sale, after deducting tax and other costs are expected to be about £330m and will be used to reduce group indebtedness. ICI's shareholding in HICI and the HICI notes have been accounted for as an associate in the Group's financial statements. At end September 2000, the investments had a net book value of £205m and ICI expects to record a profit after tax on the disposal of at least £100m.
ICI does not receive dividends on its equity investment in HICI and the notes contribute accrued (non-cash) interest. At the nine months ICI's Group results included a total of £47m of pre-tax profits.
Had the disposal occurred at the beginning of 2000, it would have had a dilutive impact on reported earnings for the nine months to September 30th 2000 but an accretive impact on a cash basis.
2002/6/17 ICI
ICI agrees sale of interests in Huntsman International Holdings
ICI has reached agreement with CSFB Global Opportunities Partners, L.P. for the sale of ICI's interests in Huntsman International Holdings ("HIH" formerly Huntsman ICI ). Net proceeds, before interest, to be received by 15 May 2003 are expected to be circa US$430million (£295million) of which US$160million (£110 million) has been received.
ICI Chief Executive Brendan O'Neill said: "This is a very good deal for ICI and its shareholders. It delivers excellent value overall, enables us to turn part of our investment into cash now and to get the remainder
earlier than previously anticipated. It also means we can further focus our attention on building and developing our own businesses within the specialty products and paints markets."
ICI's interests in HIH comprise a holding of subordinated loan notes ("the Notes") in HIH, and an entity called ICI Alta Inc ("ICI Alta"). ICI Alta is a wholly owned subsidiary of ICI which owns ICI's thirty per cent shareholding in HIH ("the Shareholding") and a contract ("the 2001 Contract") for the sale of the Shareholding to Huntsman Specialty Chemicals Corporation ("HSCC"), as announced on December 21, 2001. Under the 2001 Contract, ICI Alta received a pledge from HSCC of thirty per cent of the shares in HIH.
The aggregate gross purchase price payable for the Notes and ICI Alta will be US$440 million (£301 million) before interest. Of this amount, US$160 million (£110 million) has been received. The remaining US$280 million (£191 million) will be payable on 15 May 2003, with the purchaser having the option to pay all or part of the amount due prior to 15 May 2003 by means of instalment payments. Other than the US$160million (£110million) already received, sums due from the purchaser will carry interest from May 2002 to the date of payment.
Ownership of the Notes has been transferred; ownership of ICI Alta will be transferred when the full purchase price has been received.
As security for the outstanding purchase price, the Notes will be pledged back to ICI. This pledge will be released when ICI has received in aggregate at least US$260 million (£178 million) of the total purchase
price. When ICI has received at least US$350 million (£240 million) of the total purchase price, ICI will release ICI Alta's existing pledge over twenty one of the thirty percent shareholding in HIH pledged by HSCC to ICI
and reduce the amount due from HSCC to ICI Alta under the 2001 Contract by fifty per cent. If no instalment payments are made, the 2001 Contract will remain in place on its existing terms until ICI has been paid the full
US$440 million (£301 million).
In the ICI Group's financial statements, HIH has been accounted for as an associate, and as at 31 December 2001, the net book value of the Shareholding and the Notes was £228 million. ICI has not received any dividends from ICI Alta, nor has it received any cash interest on the Notes. The ICI Group results for the twelve months ended 31 December 2001 included a £12 million loss before tax and exceptional items attributable to the Shareholding and £27million interest receivable from the Notes. As a result of today's agreement, ICI will now account for the Notes as sold (with some of the purchase price outstanding) and will treat HIH as an
investment, rather than an associate, until ICI has received the purchase price in full. At that time, ICI expects to record a profit after tax on the disposal of circa £55 million.
If the disposal of the Notes and ICI Alta had occurred at the beginning of 2001, the impact on the ICI Group's earnings before exceptional items would have been broadly neutral for the twelve months ended 31 December 2001. If the disposal of the Notes and ICI Alta had occurred at the beginning of 2002, it would have been earnings enhancing for the three months ended 31
March 2002.
The sale of ICI Alta is subject to certain conditions principally relating to regulatory clearances.
Notes to Editors
HIH (formerly Huntsman ICI) was established when ICI agreed to sell its Polyurethanes, Tioxide and selected Petrochemicals businesses to HIH in 1999. HSCC contributed its US Propylene Oxide and MTBE businesses to HIH at the same time. At that time ICI agreed to retain a stake comprising a 30 per cent shareholding and the Notes for at least 3 years.
In November 2000 ICI announced it had agreed a put option to sell the Shareholding to HSCC for $365 million plus interest. The agreement was conditional upon a number of approvals and upon ICI selling the Notes.
This transaction would have been due for completion around the middle of 2001.
The transaction was not completed and on October 31, 2001 ICI announced that it had exercised its put option over the Shareholding to HSCC. After a period of negotiation, in December 2001 ICI announced the arrangements under the 2001 Contract for the sale of the Shareholding to HSCC with completion due to take place in the third quarter of 2003. The 2001 Contract did not involve the sale of the Notes.
ICI Australia Starts A
New Era As Orica
ICI Australia's name
change to Orica was launched today with a wave of celebrations
across its sites around Australia, New Zealand, Fiji, PNG and
Asia.
Managing director
Philip Weickhardt said: "This is a time of celebration for
all of us at Orica. We are now proudly displaying our new
identity as we pave our own way into the 21st century."
Officially launching
the new corporate identity at Orica's head office in Melbourne
was Victorian Premier Jeff Kennett.
The name change
follows the sale of ICI PLC's majority shareholding in July last
year. The sale created an independent company with Australian,
New Zealand and international operations and more than 40,000 new
shareholders.
"Orica starts
today, not as a fledgling company, but as a $3.6 billion
enterprise employing 9200 people in more than 110
locations," Mr Weickhardt said.
"We may be
stepping out with a new name, a new look and new aspirations for
the future but we are definitely not starting from scratch. We
are building on the solid foundation established over our long
history - almost 70 years as ICI and over 120 years in Australia.
"Our separation
from the ICI Group is providing us with new opportunities to
grow. The soon to be completed acquisition of ICI PLC's
explosives activities in the Americas and Europe is positive
proof of this, adding nearly $800 million of sales to the Orica
Group.
"Once the
acquisition is complete, Orica will be the world's largest
supplier of commercial explosives. The investment also provides
an attractive business and geographical base for future growth of
the Orica organisation."
2000/12/5
Divestment of ICI's
Chlor-Chemicals, Klea and Crosfield Operations
ICI has agreed terms with Ineos, a major global producer of Acrylics,
Ethylene Oxide and derivatives, for the sale of its
Chlor-Chemicals, Klea and Crosfield businesses. The consideration
payable to ICI places a value on these businesses of about £325m in
aggregate. Subject to certain conditions and regulatory
approvals, completion is expected in January 2001 and net cash
proceeds will be used to reduce Group indebtedness.
In the year to December 31, 1999 the Chlor-Chemicals, Klea and
Crosfield businesses generated combined sales of £722m,
operating profits of £3m and an operating cash outflow
of £53m. The businesses had total assets less
current liabilities of £387m as at December 31, 1999
including ICI's investment in EVC.
On a pro-forma basis, had they occurred at the beginning of 2000,
these transactions in aggregate would have enhanced ICI's
earnings by 8%.
Commenting on the agreement, ICI Chief Executive Brendan O’Neill
said: “The transformation of ICI is essentially
complete - a colossal undertaking over the last 3 years.
Following the divestments announced today, significant earnings
and cash flow volatility will be taken out of our results. The
ICI management can now focus on converting the abundance of
inherent opportunities we have into profitable growth.”
ICI was advised in
these transactions by Goldman Sachs International.
Klea and Crosfield
Klea is one of the leading providers of fluorine-based products
that are used most commonly to replace CFCs and HCFCs across a
wide range of applications. Klea is a global business with a
significant market share and customer base, and has a total of
390 employees.
Crosfield is one of the leading global manufacturers of products
derived from silica and alumina, with significant global
businesses in silicates, zeolites and silicas. Crosfield's
products have applications as ingredients or process aids in
detergents, paper, civil engineering, beverages, personal care,
surface coatings and plastics, and the company has leading
positions in a number of key markets and technologies. Crosfield
has a total of 1,100 employees worldwide.
Ineos has agreed to acquire ICI's Klea and Crosfield businesses
for a consideration of £300m, £250m of which will be paid in
cash on completion with a further £50m cash expected no later than
March 31, 2001, subject to usual working capital and other
adjustments.
In order to fulfil its obligations under the agreement, ICI has
agreed to procure certain third party interests and will
discharge certain related liabilities. This will result in ICI's
net debt increasing by around £70m.
Overall, the divestment is expected to result in a reduction of
net debt in 2001 of about £150m. Legacy payments with a net
present value of about £20m are expected in the longer
term.
Chlor-Chemicals
Chlor-Chemicals is one of the major chlor-alkali producers in
Europe and a global leader in chlorine derivatives. The business
is serviced by production sites in the UK, France, Germany and
Thailand and has a total of 2,300 employees worldwide.
ICI will take a 15% shareholding in a new company established to
purchase the Chlor-Chemicals business (“Ineos Chlor”). The ICI shareholding, which
ICI expects to hold for at least 5 years, will be subject to put
and call options in certain circumstances. The balance of the
consideration will comprise loan notes ("the Notes")
with a face value of £50m which accrue interest at 8%
per annum.
ICI will lend to Ineos Chlor an initial amount of about £40m and
provide an additional facility of up to £60m once Ineos Chlor has fully
drawn down an additional external working capital facility. The
ICI facilities will be available, at market related rates, for 5
years and may, if necessary, be extended for a further 2 years.
The ICI facilities together with Ineos Chlor's obligation to
assume various Chlor-Chemicals contracts will be secured in
favour of ICI. While any of these liabilities remain outstanding,
ICI has certain rights under a shareholders’
agreement including,
in the event of an Ineos Chlor default the right, for no
consideration, to take control of Ineos Chlor if ICI judges that
it is in its best interests to do so.
The Notes are to be redeemed over the period to 2010 out of
available cash flow, although in certain circumstances the Notes
can be redeemed on an accelerated discounted basis for a minimum
of £25m. Any outstanding balance owing on the
Notes in 2010 will convert prorata into warrants representing up
to an additional 34% of Ineos Chlor's share capital if no
repayment under the Notes had been made. ICI currently assesses
the value of the Notes at £25m.
The divestment will result in legacy and other payments of about £130m by
end 2001. Further legacy and other payments with a net present
value of about £100m are expected in later years, offset
in part by any cash received from the redemption of the Notes.
These figures exclude borrowings by Ineos Chlor from ICI under
the facilities described above.
ICI is one of the world's largest producers of specialty products
and paints. It is a global leader in creating, developing, making
and marketing ingredients for foods and personal care, specialty
polymers, electronic materials, fragrances and flavours. Together
with its traditional strengths in paints, ICI is a major player
in the worldwide development of sensory products. ICI has a range
of more than 50,000 products, 45,000 employees worldwide, and had
sales in 1999 of $13.7 billion.
Goldman Sachs International, which is regulated in the UK by the
Securities and Futures Authority Limited, is advising ICI in
connection with the transactions and no-one else and will not be
responsible to anyone other than ICI for providing the
protections afforded to customers of Goldman Sachs International
nor for providing advice in relation to the transactions
October 27, 2004 Financial Times
Information
ICI deal cuts link to chlorine company
Chemicals giant ICI finally severed all ties with Ineos Chlor
yesterday after the chlorine company agreed to forgo one last
pounds 55m payment in exchange for ICI's 15pc stake in the
business.
ICI sold its chlorine division to Ineos
Capital three years ago
in a deal that saw ICI write off pounds 100m and set aside pounds
60m for Ineos Capital to draw upon. As part of the arrangement
ICI kept a 15pc stake.
Yesterday, ICI drew a line under the deal by writing off a
further pounds 5m and transferring its 15pc stake to Ineos
Capital. "Ineos [Capital] has now agreed to take over ICI's
outstanding funding commitment to Ineos Chlor of pounds
55m," ICI said in a statement.
The decision came as a surprise because last year Ineos Capital
claimed the factory in Runcorn would have to be shut with the
loss of 10,000 jobs without a pounds 50m grant from the
government.
The grant was approved and, with the pounds 60m committed from
ICI and a further pounds 45m from Ineos Capital, the funds were
set aside for the pounds 390m cost of refurbishing the Runcorn
plant. "This was in addition to the original pounds 100m
facility, which ICI agreed to provide the business as part of the
acquisition by Ineos [Capital]," the Ineos Chlor statement
added.
Ineos Chlor yesterday announced a revised package that will see
"Ineos Holdings make available additional facilities to
Ineos Chlor of pounds 91m". It said in a statement that ICI
would "forgo over pounds 100m" in relinquishing its
15pc stake but made no mention of the additional pounds 55m that
had been set aside.
An Ineos Chlor spokesman could not explain why the company had
chosen to allow ICI to keep the pounds 55m, which a Deutsche Bank
analyst said could be worth as much as 5p a share to the chemical
giant. The spokesman would only say that Ineos Chlor wanted ICI's
share in future profits.
A spokesman from the DTI said: "We are aware of the proposed
funding changes for the project, which do require our consent,
and we are currently considering them."
April 2, 2003 Financial Times
Akzo Nobel opens powder paints unit in Vietnam.
Akzo Nobel has opened a powder paints unit in Ho Chi Minh City, Vietnam in association with local company Chang Cheng Securities. The unit ( Akzo Nobel's 12th in Asia) will employ 80 people in making the whole of the group's Interpon range.Akzo Nobel had already strengthened its position on the powder paints market with the acquisition of Ferro's operations in America and Pacific Asia (representing a turnover of $100 M). The deal gave Akzo Nobel 2 production units (Nashville, TN and Brecksville, OH) as well as a development laboratory in Cleveland, OH, a production unit in Ningbo, China and a stake in a joint venture in Ulsan, Korea. Akzo Nobel believes itself to be the world's leading producer of powder paints and the market leader in the technology used to produce them.
1999/12/23
Akzo Nobel sells Rovin Stake to Shin-Etsu
Akzo Nobel N.V. and Shell Chemicals Ltd. have reached final agreement with Shin-Etsu Chemicals Co. Ltd. of Japan on the sale of their PVC joint Rovin v.o.f.
Rovin, the number four player on the European PVC-market is a 50/50 joint venture between Akzo Nobel and Shell. Rovin has a Vinyl Chloride Monomer plant on Akzo Nobel's Rotterdam Botlek site with annual production capacity of 550,000 tons and a PVC plant on Shell's Pernis site with 295,000 tons capacity. In addition, Rovin has a 90,000 tons processing arrangement at the Neste Chemicals PVC plant at Porvoo, Finland.
Discussions with Shin-Etsu started in 1998 and the three parties are pleased that final agreement has been reached following intense and complex negotiations. Implementation of the deal will be effective as of January 2000.
“This divestment fits our strategy of concentrating our Chemicals portfolio on high added value businesses in which we have or can achieve a leadership position. Shin-Etsu not only strengthens the position of Rovin but also of our chlor-alkali business on the Rotterdam Botlek site, as we will continue to supply chlorine under a long-term agreement” said Rudy van der Meer, Board Member responsible for Chemicals within Akzo Nobel.
Some 170 employees involved in the Rovin business will transfer to Shin-Etsu under a social protocol agreed with the Labor Unions. The Works Council has given a positive advise.
Shin-Etsu is a world-leading producer of PVC and enjoys strong manufacturing positions in Japan and the U.S. Both Akzo Nobel and Shell are convinced that Shin-Etsu is well placed to develop the Rovin business due to its strategic fit.
Shin-Etsu is an international industrial corporation with headquarters in Tokyo, Japan. Some of the major businesses of Shin-Etsu are PVC, semiconductor silicon, synthetic quartz, organic silicones, and rare earth magnets. Shin-Etsu is a leading global producer in each of these businesses. Through this acquisition Shin-Etsu also becomes the leading global producer in the PVC business with a total production annual capacity of some 2.6 million tons.
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company currently employs approximately 83,000 people in almost 70 countries. Consolidated sales for 1998 totaled EUR 12.5 billion (NLG 27.5 billion, USD 13.8 billion, GBP 8.4 billion). The financial results for the year 1999 will be announced on February 25, 2000. Demerger of Acordis will be effective as of year-end 1999.
1999/11/18 Negotiations for sale of Acordis to CVC completed
Akzo Nobel has signed a contract to sell its Acordis fibers business to a CVC Capital Partners led consortium (CVC) for EUR 825 million. The business will take along provisions of some EUR 225 million. Closing of the transaction is expected to take place around year-end.
“This is a major milestone. In line with our strategy, Acordis’ independence is now a fact. Akzo Nobel will enter the next century as a different company ー focusing on the dynamics of growing our Pharma, Coatings and Chemicals businesses” said Cees J.A. van Lede, Chairman of Akzo Nobel's Board of Management.
Acordis will be a Dutch company. CVC will take a 64 percent stake in equity of the new company, with the Acordis management holding 15 percent; the remaining 21 percent will be acquired by Akzo Nobel. Acordis will have a two-tier board structure with a Supervisory Board in which Akzo Nobel will participate. The existing Acordis Board of Management with Folkert Blaisse as Chief Executive Officer will remain in place.
“We are extremely pleased that the transition phase is reaching a close. Acordis will concentrate and focus on building a solid stand-alone fibers company with high potential for the future” said Folkert Blaisse.
Positive advice on the sale was received last week from the Acordis Works Council in the Netherlands and the transaction has now been submitted to the appropriate regulatory authorities for approval.
CVC Capital Partners is a leading independent equity provider in Europe with total funds under management in excess of USD 4 billion (EUR 4 billion). CVC has offices in 10 European countries and has made investments in more than 200 companies across Europe. In addition to Acordis, these include Kappa Packaging, Wavin, Bols, William Hill and Danone's/Gerresheimer glass packaging businesses.
Acordis is a multinational group of businesses, supplying customers throughout the world with man-made fibres and speciality materials for industrial, textile, medical, and hygiene applications.The Acordis group has sales of some EUR 2.3 billion USD 2.5 billion, GBP 1.5 billion), employs 17,000 people, and has production facilities in Germany, the Netherlands, the United Kingdom, the United States of America, Brazil, Italy, Spain, and Poland. Acordis is at present a wholly-owned subsidiary of Akzo Nobel nv.
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals, and fibers. The Company currently employs approximately 83,000 people in almost 70 countries. Consolidated sales for 1998 totaled EUR 12.5 billion (NLG 27.5 billion, USD 13.8 billion, GBP 8.4 billion). The financial results for the year 1999 will be announced on February 25, 2000.
1999/4/9 Akzo Nobel receives offer of EUR 825 million for Acordis from CVC
Akzo Nobel has received an offer of EUR 825 million from CVC Capital Partners for its Fibers business Acordis.
Under the terms of the offer CVC and the Acordis management would acquire the majority of Acordis. Akzo Nobel has been given the opportunity to buy some 20 percent. Both Akzo Nobel and the management of Acordis have reviewed the offer and consider it attractive.
CVC and Akzo Nobel are of the opinion that it is in the interests of all concerned to expedite the negotiation process and complete the transaction as soon as possible. This view is fully supported by the Acordis management. Employee representative bodies and unions have been informed and consultation procedures will commence shortly, where applicable. The required regulatory approvals will be sought as and when appropriate.
Folkert Blaisse, Chief Executive Officer of Acordis said: "We back CVC's offer a hundred percent. We trust that the transaction will be completed fast, effectively and efficiently. For our employees it will put an end to a period of uncertainty, and we are all looking forward to building Acordis into the world leader in fibers".
“CVC's proposal fits our stated strategy of establishing Acordis as an independent company with a solid foundation,” said Cees van Lede, Chairman of Akzo Nobel's Board of Management.
Following finalization of the integration of the former Courtaulds and Akzo Nobel fibers businesses and completion of the restructuring measures announced earlier, CVC backs the management's strategy of growing Acordis organically and through add-on acquisitions in the core markets it serves. CVC was advised by Chase Manhattan Bank.
CVC Capital partners is a leading independent equity provider in Europe with total funds under management in excess of USD 4 billion (EUR 4 billion). CVC has offices in 10 European countries and has made investments in more than 200 companies across Europe. These include Kappa Packaging, Wavin, Bols, William Hill and Danone's/Gerresheimer glass packaging businesses.
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. Akzo Nobel currently employs approximately 85,000 people in some 70 countries. Consolidated sales for 1998 totaled EUR 12.5 billion (USD 13.8 billion). Financial results for the third quarter of 1999 will be announced on October 27.
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QUESTIONS & ANSWERS
1. What does the CVC proposal mean for the future of Acordis?
We launched Acordis on January 1, 1999 as a “quasi-independent” company. With this offer on the table there is a very real possibility that it will now become a truly independent company. The proposed transaction would end a period of uncertainty for the Acordis employees. Acordis has developed:
* a sound strategy aimed at building a focused portfolio with technological coherence; and
* a good mixture of growth, cash generating and business under restructuring.
In addition:
* Acordis would have a sound financial basis following the proposed transfer of ownership; and
* following completion of the restructuring measures previously announced in April, Acordis would be more resilient to the cyclicality of the fibers market.
Furthermore, we should stress that:
* CVC has an excellent worldwide track record with a lot of experience in Europe; and
* CVC has expressed that it is prepared to fund additional acquisitions.
2. What will be the legal structure of the stand-alone Acordis business? Will it be listed?
It is the intention that the holding company will be registered in the Netherlands as a BV (limited liability company). A listing could be a possibility after around four years.
3. What would be the board structure following the proposed transaction?
It is too early to comment in detail on this subject, however, it is the intention to have a two-tier structure with a Supervisory Board and the existing Board of Management with Folkert Blaisse as the CEO.
4. What is the intended time schedule?
Parties will strive for an expeditious negotiation process and completion of the contemplated transaction as soon as possible.
5. What is the impact of the intended transaction on Acordis employees?
* Details of the transaction still have to be worked out and both works councils and trade unions when and where appropriate will have ample opportunities to give their opinions during the consultation procedures, which will commence shortly.
* The restructuring measures announced in April will, naturally, continue.
6. Do you expect any difficulties from the European authorities?
Of course we have to notify the European authorities, but given the background of CVC-there is no overlap in businesses-we do not envisage difficulties.
7. Can you elaborate on the funding of Acordis?
Though the funding of the proposed transaction is secured, the financial structure of Acordis still has to be worked out in detail. It is of course the intention that Acordis will have a sound financial basis.
8. What will be the intended shareholding structure of Acordis?
CVC and the Acordis management would own some 80%, assuming that Akzo Nobel would make use of its right to acquire some 20% of the newly established company.
9. Why would Akzo Nobel participate in the new company?
With this participation Akzo Nobel would also be involved in a later IPO with the possibility to realize an upward potential. The participation would be limited and would not involve Akzo Nobel management.
10. Can you elaborate on the offered consideration?
The offered consideration of EUR 825 million would be paid in cash with the exception of some EUR 150 million in the form of an interest-bearing loan from Akzo Nobel to Acordis. The offer reflects the net asset value of Acordis; in addition, Acordis will also take along existing provisions of approximately EUR 225 million.
11. What about the restructuring charges for Acordis you announced earlier this year?
In the context of the restructurings announced in April we gave an indication of charges being in the area of a couple of hundred million euros. We currently estimate these charges to have an after-tax effect of approximately EUR 200 million. These restructurings are independent of the intended transaction. The charges will be recognized in the Akzo Nobel financial statements later this year.
12. Will there be an additional impact from the proposed transaction on the balance sheet of Akzo Nobel?
The net book value of Acordis (including provisions of EUR 225 million) is approximately EUR 1.4 billion. Taking into account the proceeds from the transaction and the expected tax benefits, the intended transaction will have a net negative impact of approximately EUR 300 million.
The proceeds of the intended transaction would be used by Akzo Nobel to reduce its debt. Gearing would improve slightly from the current level of 1.5, with interest coverage approaching 6.
13. Is this a fair value offer?
The consideration of EUR 825 million for the Acordis business, taking along provisions of some EUR 225 million, reflects a fair value of the activities. The parties’ respective external advisors also endorse this view. The advising bank to CVC is the Chase Manhattan Bank. The key advisor to Akzo Nobel was ABN-AMRO.
Considering all the aspects of this intended transaction for Akzo Nobel and our stakeholders and for Acordis, we strongly believe that this is the preferred route to the launch of Acordis as a sound independent company.
14. When may we expect further information?
The detailed negotiation process and consultation procedures will commence shortly. Further information will be made available at the appropriate time.
Acordis is the child of the parents Akzo Nobel and Courtaulds. This section describes the ancestors of Acordis. http://www.acordis.com/ 変遷図
Akzo Nobel has a long history of growth. It owes its success to the careful integration of diverse companies, incorporating their specific cultures and technical excellence into ever larger entities. The oldest are Det Holmbladske Selskab (now Sadolin) in Denmark, which was founded in 1777, and Sikkens (the Netherlands) and Bemberg (Germany), both established in 1792. In Sweden, Alfred Nobel, the famous scientist, founded many thriving businesses, some of which are still part of Akzo Nobel today. Akzo's roots go back a long way: to Ketjen (1835), Noury & Van der Lande (1838), Zwanenberg (1887), Vereinigte Glanzstoff Fabriken (1899), Nederlandse Kunstzijdefabriek Enka (1911), Koninklijke Nederlandse Zoutindustrie (1918), and Organon (1923). In 1929, Vereinigte Glanzstoff Fabriken and Enka amalgamated to form Algemene Kunstzijde Unie (AKU). Koninklijke Zout-Ketjen and Koninklijke Zwanenberg Organon got together to form Koninklijke Zout Organon in 1967 and in 1969, Akzo was formed as a result of a merger of Koninklijke Zout Organon and AKU. Nobel Industries was founded in 1984 through the merger of KemaNobel (established 1871) and Bofors, which was founded in 1646 but is no longer part of the Company. After the merger, other companies - respected names, such as Berol, Crown Berger, Eka, and Sadolin & Holmblad - were acquired. And in 1991, a major financial reconstruction took place and state-owned Securum became the principal shareholder. Early in 1994, Akzo Nobel was formed through Akzo's acquisition of the Nobel shares owned by Securum and through a successful bid for the remaining shares.
In July 1998, Akzo Nobel acquired Courtaulds, the international chemical company which had leading positions in high-tech industrial coatings and man-made fibres. Its best known brands, International paints, Courtelle acrylic fibres, and Tencel, a new cellulosic fibre, were included. Courtaulds, which was founded in 1816 as a silk weaving company, pioneered the global man-made fibre industry at the beginning of the 20th century. In the 1950s Courtaulds acquired interests in woodpulp and also took over British Celanese, manufacturers of cellulose acetate. In the 1960s the company acquired the coatings operations International Paint and Pinchin Johnson. Diversification into downstream textile activities, films and advanced materials followed until, in 1990, the textiles operations were demerged, leaving Courtaulds plc as a company concentrated largely on fibres and coatings activities.
Akzo Nobel combined its fibre activities with Courtaulds' Fibres and Chemicals and launched the fibre company Acordis in November 1998. Subsequently Acordis was divested by Akzo Nobel to CVC Capital Partners at the end of 1999.
2003/7/22
Akzo Nobel
Akzo Nobel to build new decorative coatings factory in China
Akzo Nobel is strengthening its position in the Chinese coatings
market by investing in a new factory for decorative coatings. The
facility, which will produce water-based wall paints for the
Chinese market, will be built on the Company's existing site in
Suzhou near Shanghai, where Coatings already operates plants for
its Car Refinishes, Transportation Coatings, Powder Coatings and
Coil Coatings businesses.
“China continues to be one of the most
important emerging markets for the Coatings group and this
investment underlines our ongoing commitment to establish a
significant presence there for all our key businesses,” said
Rudy van der Meer, Member of Akzo Nobel's Board of Management
responsible for Coatings. “Akzo Nobel has been selling
decorative paints in China under the LevisR brand for nearly five
years and this has enabled us to establish a solid foothold in
this fast-expanding market. We now need a new facility to further
grow the business.”
The Levis paint sold
in China is currently manufactured in eastern Shanghai, but
production will switch to the Suzhou facility once construction
is complete. “Our decision to invest in a new factory in
Suzhou shows our commitment to and belief in the Chinese paint
market,” explained Jan Andersson, General Manager
of Akzo Nobel Decorative Coatings International. “It will
give us the platform to help expand our activities.”
Construction work on
the factory is scheduled to begin by the end of the year. The new
facility is expected to be operational by the first quarter of
2005. The 2,200 m2 factory will include R&D facilities, while
a 2,900 m2 warehouse for raw materials and finished goods will
also be built.
Akzo Nobel Coatings already operates six production sites in
China, housing all the key businesses. One major operation is a
50-50 joint venture, all the others are majority or wholly owned.
They are located in Beijing, Shanghai, Suzhou, Shenzen, Ningbo
and Dongguan City. The Coatings group, which employs more than
1,600 people in China, has seen its sales increase in this market
to well over EUR 200 million in 2002, stemming from organic
growth and selective acquisitions.
September
5, 2003 BUSINESS WIRE
Akzo Nobel to Sell Catalyssts, Coating Resins and Phosphorus
Chemicals
Akzo Nobel announced Thursday it intends to sell three businesses
from its Chemicals portfolio to create more room to maneuver for
the Company. Catalysts, Coating Resins and Phosphorus Chemicals
will be divested. Hans Wijers, Chairman of the Board of
Management, said: "Akzo Nobel will create value by moving
towards a more consistent portfolio of businesses."
Added Wijers: "These planned divestments involve three
excellent and profitable businesses and collectively they
represent close to EUR 1 billion in sales. It will be clear from
this that we expect to realize more than the EUR 0.5 billion
announced in May this year but we are not in a race against the
clock to sell. The priority is creating maximum value for Akzo
Nobel and its shareholders, not how fast we can do this. By the
same token, we will not drag our feet either, and I expect that
offers made to us will reflect the value of the businesses
concerned."
Akzo Nobel serves customers throughout the world with healthcare
products, coatings and chemicals. Consolidated sales for 2002
totaled EUR 14 billion. The Company currently employs almost
66,000 people in more than 80 countries.
January 20, 2004
Akzo Nobel
Akzo Nobel expands powder coatings operations in China
http://www.akzonobel.com/news/news_detail.asp?id=1Hff6eJeObQ%3D
Akzo Nobel will
expand its powder coatings operations in China. Two new factories will be constructed during 2004 in a move
which will further build on Akzo Nobel's world leadership status
in powder coatings and strengthen its position in China, the
fastest growing powder market in the world.
Commented Rudy van der Meer, Member of Akzo Nobel's Board of
Management responsible for Coatings: “Akzo Nobel's powder coatings business
moved into China back in 1992. Since then we have consolidated
our position through acquisition and organic growth. We have
continued to invest over the years and have successfully managed
to grow quicker than what has undoubtedly been the world's
fastest growing powder market. These two new factories will
continue our strategic focus on this important region.”
Added Bill McPherson, General
Manager of Akzo Nobel Powder Coatings: “Our Interpon Powder Coatings business
serves both foreign and local customers in China. We service the
needs of those who export their powder coated goods, as well as
the domestic operations. We are also well positioned to service
our customers throughout China as we have four plants,
strategically located from south to north.”
The expansion plan involves building
two new factories: one in Langfang - which is halfway between Beijing and
Tianjin - the other in Guangdong Province in the south, on a site neighboring the
existing powder operation in Shenzhen.
Continued McPherson: “Guangdong
Province is an important region for our exporting customers
operating in metal furniture, electrical and other goods, and
also has a high concentration of powder users operating in
architectural aluminum and IT. This particular expansion involves
building a new factory on 22,000 square meters of land, with
scope for another 12,000 square meters to be used in later
expansion phases. It will support our key strategic goal, which
is to continue growing ahead of the market.”
“The Langfang project involves us
relocating from our existing Beijing facility to a new site of
around 17,000 square meters. Langfang is one of the fast
developing industrial regions of North China and one of our
largest functional powder customers has its operations there.
This expansion will enable us to better serve its needs, as well
as respond to general market growth in that region.”
1999/7/9
Hoechst concludes
disposal of its 45 percent stake in Clariant
Hoechst AG is pleased to announce the successful completion of
its disposal of 45 percent of Clariant AG. (The sales of the
whole of the Hoechst interest assumes the exercise of the
relevant over-allotment options and the full conversion of
exchangeable bonds).
On June 1, Hoechst AG announced its intention to make a
substantial reduction in its 45 percent interest in Clariant AG.
The enthusiasm of the market response has permitted the disposal
of the entire stake, raising 2,827,634,128.8 euros.
The transaction was effected by a combined offering: 略
Commenting on the
transaction Dr Klaus-Jurgen Schmieder, Chief Financial Officer of
Hoechst, said:
"We are delighted by the outcome of these offerings. The
decision by Hoechst AG to focus on its core life sciences business
in partnership with Rhone-Poulenc is the underlying reason for the disposal
of our interest in Clariant. The prices achieved in the offerings
of 645 and 820 Swiss francs (assuming conversion of the
exchangeable bonds) compare favourably, both with the book value
in the Hoechst balance sheet of 263 Swiss francs per share, and
represent a substantial profit for Hoechst AG.
The enthusiasm for this success of Clariant was demonstrated by
the markets which enabled Hoechst to place the offerings ー which
amount to the largest combined secondary offering ever undertaken
by a Swiss company, smoothly and, despite their size, with
substantial oversubscription at the offering prices.
We wish Clariant a prosperous future and, meanwhile, will
continue to dedicate ourselves to the successful conclusion to
the creation of Aventis."
Dresdner Kleinwort Benson and Morgan Stanley Dean Witter acted as
Joint Global Co-ordinators for both offerings.
ABN-Amro Rothschild acted as financial adviser to Hoechst AG.
1998/12/9
Clariant ends merger talks with Ciba Specialty Chemicals
Clariant announced today that its Board of Directors has decided
not to approve the proposed merger agreement with Ciba Specialty
Chemicals. Negotiations to merge with Ciba Specialty Chemicals
have been terminated.
The decision of the Board follows a period of extensive due
diligence which revealed commercial, financial, legal and
regulatory risks and constraints in executing the planned
transaction and which would affect the future merged company. The
Board considered the risks to be so significant as to undermine
the future benefits and synergies as stated as part of the
rationale for the planned merger, which was announced November 9,
1998.
The Board of Directors of Clariant is convinced that under these
circumstances, it is in the interests of Clariant's shareholders
that the company remains independent. The Board regrets having to
terminate the planned merger after a period of constructive and
open negotiations.
Both Clariant and Ciba Specialty Chemicals have agreed not to
disclose confidential information. There will be no further
announcements on this matter.
1998/11/9
Ciba Specialty Chemicals and Clariant to merge
・ Merger of equals to capture leading position in specialty chemicals with annual sales of around CHF 18 billion
・ Enhanced leadership positions in core businesses and creation of strong platforms for growth; outstanding product and innovation portfolio with R&D spend of CHF 650 million
・ Based on a merger of equals on an exchange of shares, Ciba shareholders to receive approximately 46% and Clariant shareholders to receive approximately 54% of the registered shares of the new company
・ Merger to be earnings enhancing from 2000: accelerated achievement of medium-term strategic targets
・ Annual savings to total more than CHF 600 million by 2001 through operational efficiencies: reduction of 3,000 jobs world-wide with no further significant job reductions in Switzerland
・ Transaction accounting under US GAAP enabling possible future listing in the US
The Chairmen of the
Boards of Ciba Specialty Chemicals and Clariant announced today
the signing of an Agreement in Principle to form the world's
largest specialty chemicals company through a merger of equals.
The new company will assume the name Clariant combined with
Ciba's distinctive butterfly symbol.
Through the unique combination of complementary strategic,
financial and operational resources, the new company will command
world leadership in specialty chemicals with its focused business
mix, broad product range serving a strong customer base,
impressive research and development expertise, complementary
technologies, and superior global reach.
Rolf W Schweizer will assume the role of Chairman of the Board of
Directors and President of the new company. Rolf A Meyer will be
named Chief Executive Officer, Vice-Chairman of the Board and
head of the Executive Committee.
The definitive merger agreement is expected to be completed in
December 1998, pending due diligence. The merger is subject to
shareholder and regulatory approvals.
Based on a merger of equals on an exchange of shares, Ciba
Specialty Chemicals shareholders will receive approximately 46%
and Clariant shareholders will receive approximately 54% of the
registered shares of the new company. Clariant shareholders will
receive 5.35 registered shares of the new company in exchange for
each share of Clariant (CHF 50- nominal value). Ciba Specialty
Chemicals shareholders will receive 1 registered share of the new
company in exchange for each Ciba Specialty Chemicals share (CHF
10- nominal value). It is anticipated that the new group will
have registered shares with a nominal value of CHF10- upon
completion of the merger.
The new company will be domiciled in Basel, Switzerland, and an
application for a listing on the Swiss Exchange (SWX) will be
submitted.
The transaction will be accounted for using purchase accounting
under US GAAP, which will also enable a possible future listing
in the US.
It is expected that the transaction will be earnings enhancing
starting in 2000. Following completion of the integration the
medium-term strategic targets will be an EBITDA (Earnings before
Interest, Taxes, Depreciation and Amortisation) of 20%; Velocity
(net sales divided by average invested capital) of 1.4, and sales
growth at 1.5 times the rate of annual global GDP growth.
The Boards of Directors of Ciba Specialty Chemicals and Clariant
will submit the proposed merger to their shareholders at their
Extraordinary Shareholders' Meetings to be called in the first
quarter of 1999.
Rolf W Schweizer, Chairman and President of Clariant, said:
"This merger is the unique opportunity to form a Swiss-based
global leader in specialty chemicals which will enjoy
sustainable, above-average growth, with superior profitability.
This is a major step in the ongoing consolidation of specialty
chemicals and will certainly shape future developments in the
industry."
According to Rolf A Meyer, Chairman of Ciba, "This makes
excellent strategic sense with our complementary portfolio of
products and businesses and shared focus on sustained operating
performance. The management of both companies with their proven
international experience, have a strong track record in
delivering results and building motivated, performance orientated
teams. These qualities will help a seamless transition and drive
a rapid integration."
Global leadership in specialty chemicals with a strong
commitment to innovation
The merged group will become the leading specialty chemicals
company, with combined annual sales of around CHF 18 billion in
more than 120 countries.
The Group's long-term strategy will: Focus on high value-added
specialty chemicals with innovative properties, effects and
environmental solutions; Build on platforms in key market and
customer segments that deliver profitable growth: Enhance core
businesses; Leverage best practices across innovation, sales,
marketing and business support; and, build a performance-based
global group with strong customer focus.
The Group will be founded on five business groups encompassing:
Additives and Water Treatments; Cellulose Ethers; Process
Chemicals; Fine Chemicals; and Colors. The growth platforms will
be water treatments, fine chemicals for pharmaceutical and
agrochemicals as well as electronic chemicals. Globally, the
businesses will be supported by a lean regional organisation. The
Corporate Units will have group-wide responsibility for Finance,
Information Management, Law & Environment, International
Co-ordination/Human Resources and Communications, and Corporate
Business Development.
With a combined 1997 R&D spend of CHF 650 million, the new
company will be in a powerful position to leverage innovation,
technology resources and intellectual assets across the group.
This is at an unprecedented level for the specialty chemicals
industry, which relies on a continuous stream of innovative
products and strong intellectual property.
Annual cost savings to total more than CHF 600 million by
2001
The merger is expected to generate a total of more than CHF 600
million in annual pre-tax savings by the end of 2001. This sum
consists of CHF 200 million (CHF 100 million already separately
and earlier announced by each), to be achieved in 1999. An
additional CHF 400 million will be achieved through the merger.
These savings will be accomplished through operational
efficiencies, consolidation of organisations and the bringing
together of regional activities. The merger is expected to result
in a reduction of about 3,000 jobs out of a total of 55,000. This
represents approximately 5% of the total workforce and
corresponds to the annual fluctuation rate. In Switzerland no
further significant additions are expected to the job reductions
announced earlier by the companies.
For those employees affected, where appropriate, early retirement
or filling existing vacancies within the new company will be a
priority. If further employment is not possible, comprehensive
and appropriate redundancy packages will be offered, including
counselling and support services.
The one-off restructuring cost will be CHF 800 million, of which
CHF 600 million for cash-outs, and is expected to be booked in
1999.
In addition, in August 1998, Ciba announced that it was preparing
a profit Recovery Programme for its Performance Polymers
division, and at the same time exploring strategic options for
the business, including a possible divestment. This programme
will be implemented immediately while strategic options will
continue to be evaluated in the context of the proposed merger.
The division's electronic chemicals business will remain in the
new company and will be combined with that of Clariant's
operations within the Fine Chemicals group.
It is foreseen that the current 45 percent shareholding of
Hoechst Aktiengesellschaft in Clariant will remain unchanged
until the merger is completed. On completion, the participation
of Hoechst Aktiengesellschaft in the new company will
proportionally decrease.
Small, experienced Board of Directors
Rolf W Schweizer will be Chairman of the Board of Directors and
President, and Rolf A Meyer will be Vice-Chairman and CEO. The 9
member Board of Directors of the new group will be completed by 3
directors drawn from each of the two companies and one
independent Board member: Pierre Borgeaud (Clariant); Gertrud
Hohler (Ciba); Markus Kundig (Clariant); Peter Littmann (Ciba);
Armin Meyer (Ciba); Tony R. Reis (CEO, Swisscom), and,
Klaus-Jurgen Schmieder (Clariant).
The Committees of the Board will comprise of the Audit Committee,
Finance Committee, and Organisation and Human Resources
Committee, which will have a separate Remuneration Sub-Committee.
A lean and dynamic management team to focus on
performance
A Chairman's Committee comprised of Rolf W Schweizer(Clariant),
Rolf A Meyer (Ciba), Reinhard Handte (Chief Operating Officer,
Clariant), Michael Jacobi (Chief Financial Officer, Ciba), Roland
Losser (International Co-ordination, Clariant), and Hans-Ulrich
Muller (Legal & Environment, Ciba), will monitor the
implementation of Board decisions and establish strategic,
operational and financial guidelines.
Rolf A Meyer will assume the post of CEO and head of the
Executive Committee. The other Executive Committee members are:
Peter Brandenberg (EVP and President Process Chemicals); John
Cheesmond (EVP Corporate Business Development); Reinhard Handte
(EVP and COO); Michael Jacobi (EVP and CFO); Roland Losser (EVP
International Co-ordination, Communications & Human
Resources); Joachim Mahler (EVP and President Cellulose Ethers);
Hans-Ulrich Muller (EVP Legal & Environment); Reinhard
Neubeck (EVP and President Additives and Water Treatments);
Martin Riediker (EVP and President Fine Chemicals); and Jean-Luc
Schwitzguebel (EVP and President Colors).
The current Chief Executive Officers, Hermann Vodicka (Ciba) and
Karl-Gerhard Seifert (Clariant) will continue to lead their
companies through the transition period until completion of the
merger.
Transition planning with rapid integration a priority
A Transaction Team, reporting to Rolf W Schweizer and Rolf A
Meyer, is responsible for the rapid and smooth execution of the
merger. Following shareholder approval, planning will begin on
how the merger can best be implemented. Integration activities
will commence following merger regulatory clearances.
Terms Of The Transaction
The formation of the new 'Clariant' will be executed as a
combination in accordance with Swiss Law, whereby Ciba Specialty
Chemicals and Clariant will be absorbed by the new legal entity.
The transaction is structured as a merger of equals based on an
exchange of registered shares, providing Ciba Specialty Chemicals
shareholders with approximately 46%, and Clariant shareholders
with approximately 54% of the registered shares of the new
company.
Clariant shareholders will receive 5.35 registered shares of the
new company in exchange for each share of Clariant (CHF 50-
nominal value). Ciba Specialty Chemicals shareholders will
receive 1 registered share of the new company in exchange for
each Ciba Specialty Chemicals share (CHF 10- nominal value).
The Group will have registered shares with nominal value of CHF
10- each.
Accounting is based on US GAAP Purchase Accounting. A request for
listing on the Swiss Exchange (SWX) will be submitted.
There will be separate dividend payments for 1998 in 1999, with
the first new joint dividend payment to be in 2000 for the year
1999.
The details of the merger have been examined by independent
investment advisors. Each will provide a fairness opinion that
the proposed merger is fair and reasonable to both companies'
shareholders.
The closing of the transaction will be subject to regulatory
approvals.
Key Figures 1997 (all amounts in CHF millions)
Ciba Clariant pro forma 9,005* Sales 10,184 854 Operating Income after corporate expense 1,030 728 Earnings before taxes 737 1,231 EBITDA 1,592 *Pro forma sales include the revenue of Allied Colloids acquired in March 1998. 1997 sales were CHF 7,822 million.
Further information will be released only after completion of the definitive merger agreement.
Clariant (SWX:CLN) is a leading global specialty chemicals company with more than 30,000 employees and annual sales of about CHF 10 billion. The company has grown out of the Sandoz Chemicals Division, which was floated on the stock market as a spin-off in the summer of 1995, and the Hoechst specialty chemicals business, integrated in the summer of 1997. Clariant operates world-wide with Group companies in more than 60 countries. It is domiciled and headquartered in Muttenz near Basel, Switzerland. The six divisions - Process & Performance Products, Pigments & Additives, Masterbatches, Surfactants, Fine Chemicals, and Cellulose Ethers & Polymerisates - offer a wide range of specialty chemicals for all major applications and have access to all the know-how in chemicals, processes and technologies that has been accumulated over 135 years.
Ciba Specialty Chemicals (SWX:CIBN) is one of the world's leading developers and producers of specialty chemicals and operates on a global basis with sales in 117 countries and manufacturing facilities in 29 countries. As a specialty chemicals company, Ciba's businesses produce high-value effects that transform our customer's products. With a vision to shape the industry, our success is driven by innovation, with significant commitment to research and development. The 1997 pro forma sales (including Water Treatments) would have been CHF 9 billion. Its five divisions - Additives, Colors (from September 1, 1998), Consumer Care, Performance Polymers, and Water Treatments (from April 1, 1998) - all have leading positions in their chosen market segments. In 1997, CHF 302 million was spent on R&D to foster innovation across the group.
1996/12/10 Clariant Ltd
Clariant and Hoechst
to combine their specialty chemicals activities
Move intended
to strengthen and expand business success
Clariant Ltd,
Muttenz/Switzerland, and Hoechst AG, Frankfurt/Germany, have
entered into a general agreement with the intention of combining their
respective specialty chemicals businesses. Clariant will merge Hoechst's specialty
chemicals business with its own activities and integrate it. In
exchange Hoechst will own a significant minority
shareholding in the
expanded Clariant Ltd and will furthermore join the existing
Board of directors with 3 members, of which one will serve in the
otherwise unchanged Committee of the board. Clariant will remain
headquartered in Muttenz.
After the two
businesses have been brought together, Clariant will be one of
the world's leading suppliers of specialty chemicals with sales
of nearly CHF 8 billion. The broadened product range and expanded
regional presence open up new growth opportunities. Apart from
this, both partners expect significant synergy effects of several
hundred million Swiss francs. This ideal combination will enable
the enlarged Clariant to safeguard and expand its business
success over the long term.
Since its successful
Initial Public Offering in June 1995 Clariant has further
enlarged its strong market positions and has continually
confirmed that the specialty chemicals business offers very
promising perspectives for innovation and higher returns. The
combination of Clariant's and Hoechst's activities creates the
unique opportunity to build from the existing strong positions
and to increase the rate of growth, thereby enhancing
profitability and leading to a sustainable increase in the
benefits for shareholders, customers and employees.
Clariant produces
and markets dyes, pigments, additives, masterbatches and
specialty chemicals for the dyeing and finishing of textiles,
paper, leather, plastics and aluminium as well as for paints and
printing inks. The company has sales of around CHF 2,3 billion
and around 8500 employees.
Hoechst plans to
transfer its specialty chemicals business in masterbatches,
pigments and additives, surfactants and auxiliairies - including
textile and leather chemicals - fine chemicals,
dispersions/cellulose ethers as well as paper chemicals to the
expanded company. These Hoechst business areas have sales of more
than CHF 5,6 billion and employ around 23'000 people worldwide.
The Advisory Board
of Clariant and the Supervisory Board of Hoechst have agreed to
the general agreement in principle. The transaction is to take
place in two steps. Hoechst will transfer its specialty chemicals
business to a new, independent company. Afterwards, its entire
shareholding will be transferred in the form of tangible fixed
assets in exchange for newly issued shares of Clariant Ltd and
the assumption of debt by Clariant. It is intended that the
further preparation for the merger of both activities is
conducted smoothly in order to have the necessary proposals ready
for approval by shareholders at the next Annual General Meetings
of Clariant Ltd. and Hoechst AG.
The joint company
plans to commence operations in 1997 after obtaining the approval
of shareholders and the antitrust authorities. Extended details
of the merger are expected to be disclosed in spring 1997 upon
completion of the due diligence process.
August 6, 2003 Chemical
& Engineering News
CLARIANT UNVEILS RESTRUCTURE PLAN
Sale of several businesses aims to cut debt, boost profits
http://pubs.acs.org/cen/today/aug06a2003.html
After foundering since
its 2000 acquisition of BTP, Clariant has embarked upon a
wide-reaching transformation to reestablish itself as a leading
specialty chemicals company.
Clariant, which reported a net loss of $36 million for the first
half of 2003, will sell two major businesses--cellulose ethers
and electronic materials--and several other unnamed operations.
The units to be sold account for about 15 to 20% of total sales,
the company says.
And in presenting Clariant's first-half results last week, CEO
Roland Losser, who took over the post in March 2003, waved
warning flags about several other businesses--life sciences and
textile dyes, in particular--that are underperforming. After
considering all other options, he said, the firm has decided that
internal restructuring is the first priority for these units.
In life sciences, which is largely the former BTP, Losser
announced that Clariant would close four agrochemical plants in
the U.S. and Germany, resulting in the elimination of about 200
jobs. And the company added that "job losses throughout the
whole of Clariant will be unavoidable" because of other
cost-cutting actions.
Losser said he wants to focus Clariant on businesses where it can
combine its strong customer service capabilities with its
leading-edge surface and color technologies. He cited its
plastics masterbatches, performance and process chemicals,
textile chemicals, and coatings units as successful examples of
such businesses.
The businesses Clariant has decided to sell either are not
central to the company's new focus, carry high investment
requirements, or cannot achieve leading market positions, Losser
said.
The aim of the divestment program--which Losser expects to have
wrapped up by the end of 2004--is to raise some $1.1 billion.
Initial proceeds are expected within nine months, by which time
net debt will have fallen to below $1.9 billion, from $2.7
billion now.
The company's first-half loss came on sales of $3.2 billion, down
7% although up 2% in local currencies. The loss reflected an
exceptional charge of $105 million relating to the previously
announced closure of a bleach activator plant in the U.S.
(C&EN, June 23, page 14). Excluding that, Clariant showed a
profit of $69 million, compared with $108 million in first-half
2002. The results for the first half also reflected savings of
nearly $45 million from cost-reduction measures launched at the
beginning of the second quarter.
"We are not satisfied with these results," Losser said.
"They underline our determination to refocus the company and
significantly improve our performance over both the short and
long term."
Any improvements will come solely from the company's own efforts,
he added. "We expect little or no help for the rest of 2003
from a market environment that remains difficult."
On 7 March 1996, the news struck the business world like a thunderbolt. Sandoz and Ciba, two proud Swiss-based companies with almost three hundred years of tradition, have agreed to become one. The creation of Novartis, as the new company was called, was at that time the largest corporate merger in history.
Preceding the merger were months of top-secret negotiations and a meeting of the minds on a bold strategic move. "The globalization of markets, and therefore of competition, is taking on gigantic proportions," explained Marc Moret, Chairman of the Board of Sandoz. "And the long-term success of the company depends to an ever greater degree on being among the best in our fields of activity."
Alex Krauer, Chairman of Novartis and former Chairman and CEO of Ciba, explained the impact of the merger: "Strategically, the new company moves into a worldwide leadership position in life sciences. Novartis holds the number two position in pharmaceuticals, number one in crop protection, and has tremendous development potential in nutrition. The strategic focus on life sciences requires the de-merger of the Specialty Chemicals Division of Ciba and the Construction Chemicals of Sandoz."
*Novartis then divests Ciba Specialty Chemicals and Novartis Seeds (to form Syngenta with AstraZeneca).
With the approval of the U.S. Federal Trade Commission on 17 December 1996, the last regulatory hurdles for the merger were cleared.
"There is a superb strategic fit between our two companies, which intensifies our market power and unlocks resources for further expansion," said Daniel Vasella, now Chairman and CEO of Novartis. "We will now move forward to build our new company based on a common spirit of entrepreneurial energy, teamwork, and enthusiasm for our new future."
日本経済新聞 2003/2/13
会社研究 ノバルティス(スイス)
M&Aで規模の拡大追求 「世界標準」で積極情報開示
世界景気の不透明感が強まっている。情報技術(IT)バブル崩壌のつめ跡や会計不信も消えず、企業経営の先行きは見通し難だ。欧・米・アジアの有力企業の生き残り戦略を探った。
▼役員報酬も個別開示
「役員報酬も含め米国の情報開示基準に従った。取締役も12人のうち10人が社外だ」。スイスの医薬品最大手ノバルティスのダニエル・ヴァセラ会長兼CEO(最高経営責任者)は経営の透明性に胸を張る。
ノバルティスは2002年12月期末からわずか23日後という異例の速さでアニュアルリポート(年次報告書)を発行。その中でスイスの大企業としては初めて役員の報酬を個別開示した。スイスでも経営トップの不祥事が相次ぎ、今年から報酬総額の開示などコーポレートガバナンス(企業統治)の強化が打ち出されている。
ノバルティスが一歩踏み込んで「世界標準」での情報開示にこだわるのはなぜか。スイス企業では成長に限界がある。今後、M&A(合併・買収)で規模の拡大を追求するうえで、経営のグローバル化を加速する必要があると判断したからだ。
前期の決算発表に出席した5人の執行役員すべてが英語で説明。電話などで世界中から内容が聞けるようにした。
▼決算を米ドル建てに変更
今年から自国通貨を“捨てる”ことも決めた。「為替変動による収益のブレをなくし、競合他社と正しく比較ができる」(ライムント・ブロイCFO=最高財務責任者)ようにするため、決算をスイスフラン建てから米ドル建てに変更、第1四半期から実施する。
前期の売上高は324億スイスフラン(約2兆9千億円)、純利益は73億スイスフラン(約6500億円)。米国での高血圧症剤などが好調だったが、スイスフラン高で為替換算時の目減りが生じ、増収率は2%、増益率が4%だった。米ドル建てなら11%増収、13%増益になったという。同社の売上高のうち、スイスフラン建ては5%に対し米ドル建ては43%だ。
ノバルティスはサンドとチバガイギーが1997年に合併して誕生。スイスではロシュをしのぎ最大になった。もっとも世界全体でみれぼ売上高で8位。生き残るには規模の拡大が不可欠となる。
ノバルティスは、ライバルであるロシュの議決権株を著名投資家のマーチン・エブナー氏から譲り受け、21.3%を保有する。合併に意欲を見せており、実現すれば単純合算で世界3位の米メルクの売上高を上回る。もっとも、ロシュ側の抵抗は強く、今までのところ拒否し続けている。
▼日本市場に照準
そんなノバルティスが成長の原動力の一つとして狙うのが日本市場だ。ロシュの傘下に入った中外製薬を除く日本の大手9社が今後再編を迫られれば、買収や提携の可能性が出てくるとみている。医薬品部門の最高責任者であるトーマス・エベリング執行役員も「話があれば(M&Aという手法を)排除しない」と語る。
M&Aをにらむ一方、自助努力で日本でのシェア獲得にも力を入れる。日本の医家向け医薬品の売上高は昨年、業界推計で1.2%増にとどまる中でノバルティスは15%増収だった。抗真菌剤などの医薬品が伸びた。エベリング氏も「当面は自社の医薬品を日本で発売することで成長を維持できる」としている。
前期のフリーキャッシュフロー(純現金収支)は44億6300万スイスフラン(約4千億円)と前の期に比べて10%増えた。業績悪化に苦しむ企業が多いなか、手元資金は潤沢だ。今期は研究開発投資を20%増やし43億スイスフラン(約3800億円)とする方針だが、増収増益は維持できるという。
医薬品業界は常に肥大する研究開発投資をどう賄うかが大きな課題だ。規制に守られ「大手」と呼ばれる企業が10社もひしめく日本の現状がいつまでも続くはずはない。世界でも一段と合従連衡が進むのは必至だ。ノバルティスはM&Aの台風の目になりそうだ。
ノバルティスの2002年の医薬品の主要地域別売上高
売上高 | 前期比 増減率 |
|||
米国 | 8914 | 12 | ||
欧州 | 6667 | 12 | ||
日本 | 2259 | 15 | ||
アジア・豪州 | 1325 | 14 | ||
南米 | 1119 | 17 | ||
(注)単位は百万スイスフラン、% |
Novartis acquires Roche
stake
http://www.ims-global.com/insight/news_story/0105/news_story_010509.htm
The pharmaceutical industry was surprised on May 7 2001, when
Novartis announced that it had acquired a 20% voting stake in
fellow Swiss-based pharmaceutical giant, Roche.
The SFr4.83 billion stake, equivalent to approximately $2.8
billion, was bought from Roche investor Martin Ebner
and his BZ Gruppe Holding company. Ebner, a Swiss financier, unsuccessfully
tried to join the Roche board in 2000 as part of an attempt to
reform the ownership structure. BZ Gruppe now owns less than 5%
of voting stock.
Novartis's stake represents only 3.7% of issued Roche securities.
Roche commented, "For Roche, the current majority holding is
unaffected. Roche will continue its established strategic and
operational direction. Roche wants to grow organically and will,
as before, additionally consider in-licensing opportunities,
strategic alliances and acquisitions."
50.1%
of Roche's bearer voting shares are still held by its controlling
shareholders, the Hoffmann and Oeri-Hoffmann families - although they own less than 10%
of the issued securities. In April 2001, the price of the bearer
shares fell, and they are now much nearer the price of the
non-voting shares. This prompted speculation that Roche was
considering a change to its dual (bearer voting share and
non-voting security) share structure, possibly to assist a major
acquisition or merger.
Roche's performance has slowed in recent years, and it has only
one new product that approaches blockbuster status, the obesity
drug Xenical. The company has been slipping down the world
rankings since its number four position in 1994, to 11th in 2000,
according to IMS HEALTH's World Review. Moreover, its pipeline is
seen as less promising than some of its rivals, and at the end of
April 2001 Roche admitted that it was seeking to cut costs at its
drug division, possibly through job losses.
Although Roche has plenty of cash at its disposal, it has not
made a major acquisition since 1998, when it acquired German
diagnostics specialist Boehringer Mannheim. In 1994 it acquired US-based Syntex, and in 1990 a 60% stake in Genentech (now approximately 58.2%). Roche
has only two drugs nearing the market: Pegasys (pegylated
interferon-alpha 2a) for hepatitis C, and Valcyte
(valganciclovir), for the treatment of cytomegalovirus retinitis
in AIDS patients. The launch of Pegasys will be delayed, as the
FDA requested more information in April 2001.
On the other hand, according to IMS HEALTH's R&D focus drug
information service, Novartis has five compounds nearing the
market, in addition to other new products such as Starlix for
diabetes:
Tradename Compound Indication Status Attenade d-methylphenidate ADHD US - pending Elidel pimecrolimus atopic dermatitis US - pending
EU - Phase IIIGlivec/Gleevec imatinib leukaemia EU, US - pending Xolair omalizumab asthma EU, US - pending Zelmac tegaserod IBS EU, US - pending
Japan - Phase IISource: R&Dfocus
Novartis is already
collaborating with Genentech on the development of the Xolair
anti-IgE monoclonal antibody for asthma and allergic rhinitis, so
a closer relationship between these two could be one immediate
benefit for Novartis, although Genentech is semi-autonomous.
Both Roche and Novartis have denied that the transaction is the
herald of an outright merger. Not least, this would probably be
blocked by the controlling families. A combined entity, however,
would almost rival new behemoths Pfizer and GlaxoSmithKline, with
a market share of 6.8% based on IMS HEALTH figures for 2000
(Pfizer had 7.1% and GSK 6.9%).
Novartis Chief Financial Officer Raymond Breu gave three main
reasons for the purchase of the Roche stake, "Roche is
currently experiencing slow growth in its pharmaceutical
division, but we think it has quality research and quality
alliances. In the long term this investment will be a good
investment. The second reason is that it opens up strategic
possibilities. The third reason is we didn't want this package of
shares to fall into competitive hands."
Chairman and CEO Daniel Vasella was equally frank, "Roche
and Novartis are no longer the biggest companies. Pfizer and
GlaxoSmithKline are about twice as big, which of course raises
the issue of competitive size, although for us it is very clear
that performance comes before absolute size."
IMS HEALTH is currently updating its Pharmaceutical Company
Profiles on Roche and Novartis; the new profiles should be
available at the beginning of June and July respectively.
日本経済新聞 2003/3/7 夕刊
ノバルティス ロシュ株を買い増し 3分の1まで 合併を働きかけ
中外製薬の経営に影響も
スイスの医薬品最大手ノバルティスが、2位ロシュの株式をほぼ3分の1まで買い増し、合併を働きかけていることが明らかになった。買い増しがさらに進むと、昨年ロシュの傘下に入った中外製薬の経営に影響が出る可能性がある。
ノバルティスは最近までにロシュの議決権株の32.7%を握り、合併交渉に応じるよう圧力をかけている。ロシュ側は猛反発しているが、ノバルティスの持ち株が議決権の3分の1を超すと経営決定に大きな制約が生じる。日本の「特別決議」と同様、スイスでも会社の目的変更や増資などには議決権の3分の2の賛成が必要なためだ。
ロシュは「当面こうした課題は議題にのぼらない」(フランツ・フーマ-会長兼最高経営責任者)としているが、4月1日の株主総会を控え、ノバルティスの攻勢は敵対的買収の様相を見せ始めている。
ロシュはホフマン家など創業一族が50%超を保有しており、一族の中からノバルティス側に同調者が出ない限り議決権の過半数を制することは不可能。しかし、ロシュは世界の医薬品市場では10位以下にとどまっている。世界8位のノバルティスとも、世界で生き残れる規模ではないため、ロシュの創業家が大同団結にゴーサインを出す可能性は否定できない。
ロシュは昨年10月に中外製薬の株式の50%超を取得、傘下に収めた。ロシュは中外製薬に自主経営を重んじると約束しているが、ノバルティスの買い増しにより影響が出る可能性もある。
ノバルティスは2001年3月、スイスの著名投資家からロシュ株の20%余りを譲り受けた。ノバルティスの買い増しで市場での議決権株の流通がほとんどなくなったため、スイス取引所は近くロシュ株をスイス株指数(SMI)から除外する見込み。スイスの代表的銘柄で構成される指数から抜けることで株価に影響が出るのは確実だ。
Ciba Specialty Chemicals
introduces its new corporate identity
A newly autonomous
Ciba Specialty Chemicals made its official debut today as one of
the world's leading specialty chemicals companies. Chairman
Designate Rolf Meyer, and Chief Executive Officer Hermann
Vodicka, outlined the progress to date on the company's road to
independence, introduced its organisation and business portfolio,
and unveiled its new corporate identity.
Since 1 January
1997, Ciba Specialty Chemicals has operated as an autonomous
subsidiary within Novartis Inc., the life sciences company
formed through the merger of Ciba and Sandoz. As part of the merger agreement,
Ciba Specialty Chemicals is expected to spin-off from
Novartis to form an independent company prior to, but no later than, Novartis'
1997 ordinary general meeting.
Rolf Meyer
commented, "the spin-off preparations of Ciba Specialty
Chemicals are completed and can now be executed as planned."
Ciba Specialty
Chemicals is made up of the former Ciba's industrial businesses -
Additives, Consumer Care, Performance Polymers, Pigments and
Textile Dyes. These
divisions hold leading positions in their chosen markets and
together form one of the world's largest specialty chemicals
companies with 1996 sales of more than CHF 6.7 billion.
Sold in 117
countries Ciba Specialty Chemicals' product lines provide colour,
performance and care for plastics, coatings, fibres, fabrics and
other materials used by the automotive, aerospace, construction,
plastics, electronics, textile and other industries. The group
employs more than 20,000 people worldwide, operates 58
manufacturing sites in 29 countries and conducts research and
development in 12 countries.
"The spin-off
of Ciba Specialty Chemicals is already energising the
organisation, encouraging entrepreneurial behaviour and
increasing our competitiveness. As a global leader in our
industry, we will focus on delivering value, performance and
innovation," Meyer said.
Ciba Specialty
Chemicals aims to build on its market leadership, broad
geographic presence, streamlined organisation and commitment to
innovation and environmental responsibility to deliver
"Value beyond chemistry" to its customers, employees
and shareholders. That intention is embedded in the company's
Vision, which is summed up in three key phrases - Deliver Value.
Perform to Win. Shape the Future.
Building a
new organisation
Ciba Specialty
Chemicals has introduced a lean management structure led by a
nine-member Executive Committee that is made up of division heads
and key corporate service heads. The Executive Committee will
report to the Board of Directors through the CEO.
A regional
organisation, led by Regional Presidents, has replaced a
country-based organisation in order to capture synergies across
shared areas and promote greater efficiency. A network of 14
regionally-based Business Support Centres manages functions such
as finance and information technology. Sales, marketing, R&D
and other core business processes remain in the divisions' domain
and are conducted in local markets to preserve close customer
relationships. The group's headquarters will remain in Basel,
Switzerland.
"Ciba Specialty
Chemicals intends to reinforce its market leadership with a
continued focus on high value-added products and services for its
customers, and continue its expansion in growing markets,"
said Hermann Vodicka. "And to ensure that we maintain our
technological advantage, the company will continue to devote up
to five per cent of sales to R&D," he said.
A Research Board
reporting to the Executive Committee co-ordinates research
efforts and exploits synergies across the five divisions.
Technology also plays a key role in the company's commitment to
environmental stewardship through the continued development of
new products and processes that minimise the impact on the
environment. The company also integrates the highest applicable
environment, health and safety standards into its business
practices.
"From the
discovery and application of advanced technologies, to employee
and community programmes promoting safety and awareness, Ciba
Specialty Chemicals intends to maintain the reputation for
responsibility associated with the Ciba name," Vodicka said.
Introducing
a new corporate identity
Ciba Specialty
Chemicals will be represented through a bold new visual identity
defined by a series of coloured dots assembled in the shape of a
butterfly. This original design is trademarked worldwide. Six
colours in the dot pattern represent the corporation as a whole -
one colour for the company and corporate services, five for the
businesses. The dot pattern suggests its association with
high-technology and precision, and the logo's brightness denotes
the importance of colour to the group's business. The butterfly
itself points to the company's global reach, business agility and
environmental responsibility.
Extensive market
research has shown that the butterfly trademark symbol is
recognised in cultures worldwide. It is also a universally
understood symbol of transformation, which makes it particularly
apt for Ciba Specialty Chemicals.
The new visual
identity - which has been designed by the Canadian-Swiss firm
Gottschalk + Ash International - will be introduced swiftly
throughout the group's operations worldwide, including at sites,
offices, products and packaging.
"The creation
of the new visual identity was a strategic business decision
aimed at building the new company's stature and recognition among
its customers, employees and other stakeholders. One symbol and
one identity also enable Ciba Specialty Chemicals to take full
advantage of design, product leverage, brand awareness and
production-related investments across divisions, regions and
countries worldwide," said Vodicka.
"Indeed, our
new look expresses our vision and strategy for the future of Ciba
Specialty Chemicals," said Vodicka. "What's more, the
logo represents the culture of this company - vibrant,
enthusiastic and unified for success."
2005/9/30 Ciba Specialty
Chemicals
Ciba Specialty Chemicals to invest in a new antioxidant
production plant in Singapore
http://www.cibasc.com/index/med-index.htm?reference=40279&checkSum=08675729EF8940F1E2531488D9929FC1
* State-of-the-art
manufacturing facilities for antioxidants for plastics on Jurong Island,
Singapore
* New plant will cover the growing demand for antioxidants for
plastic manufacturing especially in Asia and the Middle East
Ciba Specialty Chemicals has decided to make a major investment
of around CHF 125 million (USD 100 million) in a new production
plant for antioxidants for plastics in Singapore. The new plant
comprises synthesis, blending and form giving facilities for
granular forms of Ciba(R) IRGANOX(R) 1010 and
Ciba(R) IRGAFOS(R) 168 and its blends, with an overall initial capacity
of 30.000
metric tons.
State-of-the-art technology and innovative manufacturing
processes will ensure Ciba’s longterm competitiveness. The
plant’s location in the fast developing
Jurong Island petrochemical complex offers excellent
infrastructure and support facilities, backward integration into
key raw materials and options for future expansion. Production
start up is expected in early 2008.
The new manufacturing plant will ensure continuous supply of
antioxidants to the fast growing polymer industry in Asia Pacific
and Middle East. Global plastic production continues to grow
above GDP level with Asia and Middle East driving production
expansion to meet fast growing consumer demand based on high
economic growth and low per capita consumption in China and other
emerging markets in Asia.
Armin Meyer, Chairman and Chief Executive Officer of Ciba
Specialty Chemicals, highlighted the importance of the
investment: “This major investment emphasizes
our commitment to the growth regions of Asia and Middle East and
represents a further significant step in Ciba’s growth strategy. The new plant,
which is to serve the fast growing demand of plastic
manufacturers in Asia and the Middle East, at a central location
with state-of-the-art and cost efficient production, will further
secure Ciba’s position as a leading global
supplier of plastic additives.”
This investment in
Singapore reflects Ciba Specialty Chemicals’
strategy to expand
activities in Asia and continue to build new production capacity
primarily in this region. The Company is also investing into new
production facilities for Coating Effects in India to expand its
production network in Asia with currently 21 manufacturing
facilities. Earlier this year, a new Research and Development
Center was opened in Shanghai. Other recent steps to strengthen
the business position in the region include an agreement with LG
Chem, the leading chemical company in Korea. This provides Ciba
with ownership of the Hisorb plastic stabilizer range in Korea,
as well as a long-term supply agreement. In 2004, Ciba generated
27 percent of sales in Asia-Pacific.
Ciba Specialty Chemicals is a leading global company dedicated to
producing high-value effects for its customers’
products. We strive
to be the partner of choice for our customers, offering them
innovative products and one-stop expert service. We create
effects that improve the quality of life - adding performance,
protection, color and strength to textiles, plastics, paper,
automobiles, buildings, home and personal care products and much
more. Ciba Specialty Chemicals is active in more than 120
countries around the world and is committed to be a leader in its
chosen markets. In 2004, the Company generated sales of 7 billion
Swiss francs and invested 288 million in R&D.