Ciba Specialty Chemicals to Sell Polymers Business
BASEL, Switzerland – Ciba Specialty Chemicals and Morgan Grenfell Private Equity (MGPE) have signed a contract under which MGPE will buy Ciba’s Performance Polymers division. Ciba and MGPE, which is the private-equity arm of Deutsche Asset Management, have agreed to a purchase price of CHF 1.845 billion. The transaction is expected to be completed during the first quarter of 2000, subject to customary closing conditions.
“Ciba has successfully restructured the Performance Polymers division and has now found a strong new partner to take over the business. Our agreement with MGPE marks an important milestone to secure a promising future for the business, its customers and its employees,” said Rolf A. Meyer, chairman and chief executive officer of Ciba Specialty Chemicals.