Sells Plastic Packaging, Laminate and Aluminium Tubes Businesses
Akzo Nobel Sells Plastic Packaging, Laminate and Aluminium Tubes Businesses Arnhem, the Netherlands, November 27, 1998 - Akzo Nobel N.V. has sold its Plastic Packaging, and Laminate and Aluminium Tubes businesses (formerly part of Courtaulds Packaging) to a new company financed principally by funds managed by Schroder Ventures. The senior management of the businesses being sold have an equity participation in the acquiring company. The price values the businesses (on a debt free basis) at GBP 82 million (USD 135 million / NLG 259 million / EURO 116 million). Plastic Packaging is a leading manufacturer in the UK of aerosol overcaps, tube closures, pots and medical devices for the personal, health, dental care and food markets. Laminate and Aluminium Tubes manufactures tubes in the UK, US, China, India, Indonesia and Poland for the dental care and pharmaceutical markets. The acquisition of Courtaulds by Akzo Nobel became unconditional on 7 July 1998. Courtaulds had previously announced that it intended to sell its Polymer Products group of businesses, comprising Packaging and Performance Films. Akzo Nobel is continuing with this process, of which this sale is part. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibres. The company currently employs some 87,500 people in more than 60 countries. Consolidated sales for 1997 totaled GBP 7.5 billion (USD 12 billion / NGL 24.1 billion / EURO 10.8 billion). Akzo Nobel was advised on this transaction by Slaughter and May and by Credit Suisse First Boston. - - - Note for the editor / not for publication For more information please contact: Akzo Nobel N.V. John Jennings Tel: +31 26 366 4343 Akzo Nobel UK plc Peter Rogers Tel: +44 1332 682127 Donald Anderson Tel: +44 171 612 1293 Paul Hendrick Tel: +44 171 612 1165 NOTES TO EDITORS Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibres. The company currently employs some 87,500 people in more than 60 countries. Consolidated sales for 1997 totalled £7.5bn ($12bn/NLG24.1bn). Akzo Nobel made an agreed cash offer for Courtaulds plc in May 1998. The offer became unconditional on 7 July and was completed on 24 September. Akzo Nobel is continuing with Courtaulds previously announced intention to sell its Polymer Products division, of which Plastic Packaging, and Laminate and Aluminium Tubes are part. The businesses being sold produce rigid plastic packaging, and laminate and aluminium tubes, focusing on large customers with global operations in the pharmaceutical, toiletry, health and beauty care industries (1997/98 Sales £93.8m). Plastic Packaging is located in the UK, in Colchester and Wrexham. It uses a plastic injection moulding process to manufacture pharmaceutical drug delivery devices, closures, food and beverage containers and aerosol overcaps. Both sites have 'clean room' facilities, which can provide production complexity and quality required for some pharmaceutical products, including multi- component assembled devices. The business has historically traded under the 'Betts' name. Courtaulds acquired it in 1958. Laminate and Aluminium Tubes is the world's second largest manufacturer of laminate tubes, with two plants in the developed world, in the UK (Colchester) and US (Kentucky), and a further four in developing countries: in Indonesia (Surabaya); India, a JV (Goa); China (Shanghai); and Poland, a JV (Warsaw). The tubes produced are used almost exclusively for the packaging of toothpaste. Aluminium tubes are produced solely in the UK, for creams and ointments for use in the pharmaceuticals sector. The businesses employ some 1,100 personnel, based in the UK, US, India, China, Indonesia and Poland. With the sale of Plastic Packaging and Laminate and Aluminium Tubes, the principal business in the former Courtaulds Polymer Products division which remains to be sold is Performance Films. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/11/27/19981127BIT00150/bit0001.doc http://www.bit.se/bitonline/1998/11/27/19981127BIT00150/bit0002.pdf