*NEWS*AVECIA SELL OFF CONTINUES …..

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*NEWS*AVECIA SELL OFF CONTINUES …..

 user 2006-01-26 at 10:10:00 am Views: 81
  • #14315

    Avecia sell off continues as Fujifilm buy piece
    01/2006-
    The break up of global fine and specialty chemicals company Avecia
    continued as Fujifilm said it would take over Avecia Inkjet formally
    next month. The €220 million fee to acquire the company’s Inkjet and
    Electrophotography arm of the business, leaves Avecia Biotechnology as
    the surviving piece of the company.
    The deal closely follows the
    sale of the custom synthesis operation to Nicolas Piramal of India,
    which was completed in December and is the latest sell off in a process
    that began in 1999.
    Under the terms of the acquisition, which is
    expected to end in February 2006, Fujifilm are to receive all Avecia
    Inkjet and EP development and manufacturing assets in Manchester,
    England, Grangemouth, Scotland and New Castle, Delaware, USA.
    All 340 employees will transfer with the business, which will operate as a 100 per cent subsidiary of Fujifilm.
    “By
    integrating its own synthetic chemicals technology, dispersive
    technology, and raw materials technology with Avecia’s inkjet
    production technology, Fujifilm will enhance its technical position in
    the market,” the company said in a statement.
    With the completion of
    this deal, Synven and Invest Corp, Avecia’s financial owners, will have
    washed their hands of their investment in the speciality and fine
    chemical operations, which was renamed Avecia and was a former
    specialist chemicals unit of AstraZeneca.
    The writing was on the
    wall as Avecia said in a statement that it intended to undertake a form
    of corporate restructuring in 2006 to improve the distributable
    reserves position in Avecia Group.
    Indeed, last year saw Avecia
    announce that KemFine has acquired Avecia Fine Chemicals Limited based
    in Grangemouth, Scotland for an undisclosed sum.
    In addition, Avecia
    completed the sale of its OLED (organic light emitting diodes)
    materials and polymer electronics businesses to Merck KGaA of Damstadt,
    for €50 million.
    The sale included Avecia’s displays business -
    Covion Organic Semiconductors GmbH in Frankfurt, Germany and its
    polymer electronics research and development activities based in
    Manchester, UK. The combined units had sales of approx €8 million in
    2004.
    In February, Avecia announced it had completed the sale of its
    NeoResins business to Royal DSM N.V, having obtained all necessary
    approvals.
    DSM had paid Avecia €515 million in cash for the entire
    NeoResins business on a cash and debt free basis. NeoResins sales in
    2004 were around €270 million with an EBITDA of approximately €52
    million.