WILMINGTON, Del. – Avecia Specialties has been announced as the new name for the former Zeneca Specialties business following completion of the $2.1 billion buyout from AstraZeneca, jointly financed by Cinven and Investcorp. The change includes the Zeneca Biocides business, now Avecia Biocides.

In recognizing the ownership of the company, a new board structure has been established, including nonexecutive directors from both Cinven and Investcorp. The executive management of the company, however, remains in the hands of the existing management team. Similarly, the management structure for the Avecia Biocides business remains unchanged.

Jeremy Scudamore, chief executive officer of Avecia said, “Our investors have recognized the opportunities that we offer as a market-leading company with a strong financial track record, excellent people and exciting prospects for the future. We are looking forward to building on these strengths through business expansion and by extending our technological leadership.”

With sales of $1.1 billion in 1998 and operating profits of $150 million, Avecia is one of Europe’s leading and most profitable specialty chemical companies.