Solutia coatings unit acquired by UCB

Solutia coatings unit acquired by UCB
UCB Chemicals Corp., based in Smyrna, GA, has agreed to acquire the resins, additives and adhesives business of Solutia, of St. Louis, MO. The purchase price is $500 million, plus a $10 million exclusivity fee.
The acquisition strengthens UCB’s position in surface treatment technologies. The activities cover liquid coating resins (including waterborne and high-solids), technical resins, additives and adhesives, and are geared towards high-end industrial coating applications, with a particular focus on metal and automotive.
The purchase includes about 1,700 employees in research facilities, sales offices and production sites in Europe, the Americas and Asia. The transaction is expected to close early in 2003, and is subject to regulatory approval.