Air Products to Sell Amines Business to Taminco
Wednesday August 23, 11:43 pm ET
Portfolio Management Move Continues Focus on Strengthening Growth Businesses
LEHIGH VALLEY, Pa., Aug. 23 /PRNewswire-FirstCall/ -- Air Products today announced it has signed a definitive agreement to sell its amines business to Taminco, one of the world's largest producers of methylamines and methylamine derivatives. The sale is part of Air Products' ongoing portfolio management activities intended to make the company a more focused, less cyclical and higher growth company.
The sale of the amines business, which generated approximately $310 million in revenues in fiscal year 2006, includes production facilities located in Pace, Fla.; St. Gabriel, La.; and Camacari, Brazil. The amines business produces methylamines and higher amines products used globally in many household, industrial and agricultural products.
"We are extremely pleased to be making this sale to Taminco. We said in March that this business is an attractive asset for the right owner, and we would only sell it to a buyer who appreciated that value. This is a good fit for Taminco, who recognized the improvements we made in the business and the quality of our employees," said John Jones, Air Products' chairman and CEO. There are approximately 225 employees directly associated with this business and all will continue with Taminco.
"Acquiring the amines activities from Air Products is a unique opportunity for Taminco. The businesses are very complementary, focusing on similar markets in different regions, with leading market positions and the same technology base," said Pol Vanderhaeghen, Taminco's CEO. "We want to share our excitement with every employee of Air Products who will join us from around the world. Also, the Lehigh Valley in Pennsylvania seems to be a perfect location for us to open a new office."
Air Products and Taminco expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of September.
Source: Air Products
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