Sale of Ciba's Performance Polymers Division Completed
The agreed sale of Ciba Specialty Chemicals’ Performance Polymers business to a new company established by Morgan Grenfell Private Equity was completed in late May 2000.
BASEL, Switzerland — The agreed sale of Ciba Specialty Chemicals’ Performance Polymers business to a new company established by Morgan Grenfell Private Equity Ltd. (MGPE), the private equity arm of the Deutsche Asset Management, was completed in late May 2000. Ciba announced the sale of its Performance Polymers business to MGPE in December 1999.
Ciba estimates that the transaction will have an approximately neutral effect in terms of earnings per share for discontinued operations. The company plans to use the proceeds from the sale to repay debt and for corporate-development purposes.