Avecia Announces Sale of Novacote Business to COIM
With 2000 sales of 37.8 million euros ($33.5 million USD), Novacote is a profitable niche business focused on the development and manufacture of specialty laminating adhesives and coatings for the flexible packaging industry. Novacote employs approximately 100 people. It is expected that all employees will transfer with the business to COIM upon completion of the sale.
Avecia CEO Jeremy Scudamore said the sale, "...represents a good commercial deal for Avecia, which will support our continued investment in leading-edge technology and manufacturing facilities for our core high-growth business sectors."
COIM President Cesare Zocchi said, "The purchase of Novacote is a natural, logical fit for COIM - offering good opportunities for manufacturing integration in Europe, South America and Asia. This will provide a strong platform for future growth of the business and represents a very positive development for Novacote employees."
For more information, visit www.avecia.com.