CORPORATE CHANGES
By Staff -- Purchasing, 2/10/2000
Solutia Inc. has agreed to acquire Morgan Grenfell Private Equity Ltd.'s ownership of Vianova Resins, for about US$640 million. Vianova, a leading European producer of resins and additives for coatings and technical applications, is located near Frankfurt, Germany. The addition of Vianova will position Solutia as a leader in the world market for coatings ingredients in the automotive, industrial and specialty sectors, according to a Solutia press release.Abbott Laboratories Inc., North Chicago, Ill., has reached an agreement to sell its agricultural products business to Sumitomo Chemical Co., Ltd. of Tokyo, Japan. Under the transaction, Sumitomo acquires research and development, sales, marketing, and support operations for Abbott's entire line of naturally occurring biopesticides, plant growth regulators, and other products for agriculture, public health and forestry.
Georgia Gulf Corp., Atlanta, Ga., has completed the acquisition of condea Vista's vinyl business for $270 million. Georgia Gulf's vinyls business now has annual production capacity of 3.1 billion pounds of vinyl chloride monomer (VCM), 2.7 billion pounds of vinyl resin, and 875 million pounds of flexible and rigid compounds, according to the company. The condea Vista plants Georgia Gulf has acquired include: The vinyl chloride monomer (VCM) plant in Lake Charles, La.; a 50% joint venture interest in a VCM plant also in Lake Charles; two vinyl resin plants located in Aberdeen, Miss., and Oklahoma City, Okla.; and three vinyl compound plants located in Aberdeen, Miss., Jeffersontown, Ky., and Mansfield, Mass.
CK Witco Corp., Greenwich, Conn., has signed a definitive agreement for sale of its global textile colors business and its European industrial colors business to Yorkshire Group PLC, a producer of dyestuffs headquartered in Leeds, U.K. The total consideration to CK Witco will be $86.5 million, according to a CK Witco press release.
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