Ciba Sells Performance Polymers Division
The sale of Ciba Specialty Chemicals’
Performance Polymers Division to a new company established by Morgan Grenfell Private Equity
Limited (MGPE), the private equity arm of the Deutsche Asset Management, was completed.
The new company’s business presence in Asia was reduced by the separate sale of shares in joint ventures in Asia to the respective joint venture partners. Total gross proceeds from the sale of the division to MGPE and Asian joint venture partners amount to CHF 1.6 billion.
“With the divestment of the Performance Polymers Division, we exit specialty materials and focus purely on specialty chemicals,” said Rolf A. Meyer, chairman and CEO of Ciba Specialty Chemicals, Switzerland. “This…allows the company to further strengthen the development of innovative, high-value effects for our specialty chemicals customers.”