UCB sells films business

UCB, with headquarters in Belgium, has signed an agreement to sell its films business for €320 million. The purchaser is a consortium led by Dennis Matthewman and Candover Partners Ltd. Denis Matthewman, the former Managing Director of Hays Chemical Distribution, will chair the new company.

‘Films’ is part of UCB’s Surface Specialties and generated a turnover in 2003 of €362 million. Its production facilities are located in the UK (Wigton and Bridgwater), in the United States (Tecumseh), in Australia (Melbourne) and in Belgium (Merelbeke), with commercial operations worldwide. The films department employs 1,600 people.

Georges Jacobs, Chairman of the Executive Committee of UCB said: ‘This sale is in line with UCB’s strategy highlighted recently by the acquisition of Celltech. The management and employees of ‘Films’ will benefit from being
part of an organization fully committed to the development of films activities.’

The closing of the deal should take place at the beginning of September 2004.