Ciba Sells Division After Successful Restructuring
Ciba Specialty Chemicals Inc.,
Switzerland, and Morgan Grenfell Private Equity (MGPE) recently announced that they have signed a
contract under which MGPE will buy Ciba’s Performance Polymers division.
“Ciba has successfully restructured the Performance Polymers division and has now found a strong new partner to take over the business,” said Rolf A. Meyer, chairman and CEO, Ciba Specialty Chemicals. “This move also underscores Ciba’s strategy to focus its portfolio on specialty chemicals rather than specialty materials and allow us to further promote innovative and high value effects for customers and consumers.”
Graham Hutton, chief executive, MPGE said: “The Performance Polymers division is a high-quality branded asset with top-line growth potential driven by its leading technological position. It is one of the world’s top three epoxy resins manufacturers and has strong positions in specialty applications such as advanced tooling, adhesives and photo polymers.”
Ciba plans to use the proceeds from the sale to repay debt and for corporate development purposes.
MPGE announced that it will appoint Karl-Gerhard Seifert, formally CEO of Clariant, as non-executive chairman of the Performance Polymers business. The headquarters of the Performance Polymers business will be based in Basel, Switzerland.
In other news, Ciba has also announced the release of a range of pigments for ink-jet printing.
The Ciba IRGAPHOR® TBI high-performance pigment dyes are designed for direct digital printing of cotton, polyester and blends.
The inks are suitable for drop-on-demand electrical impulse technologies; and are water-based, contain no formaldehyde and are free of pigments and chemicals which can, on reduction, release amines banned under MAK III regulations.