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AIR PRODUCTS CONFIRMS SALE OF EUROPEAN
METHYLAMINES AND DERIVATIVES BUSINESS
22nd April 2004 — Today, Air Products confirmed
it has sold certain assets relating to its European Methylamines
and Derivatives (EM&D) business to Taminco for an undisclosed
fee, subject to regulatory approval. The transaction excludes
Air Products' North American Methylamines business and the
global Higher Amines business.
Geoff Ingham, Air Products' global business manager, Amines,
said, "Despite lengthy negotiations with several interested
bidders, we are disappointed that we did not find a buyer
for the Billingham plant. As a result, we have no choice
but to close the plant. Our priority is to help our people
to find new opportunities, either inside or outside of Air
Products."
"The divesture of the EM&D business is part of
Air Products' ongoing portfolio management review and is
an example of our work to refocus Air Products' activities
on high value growth platforms. Unfortunately, decreasing
sales and high operating costs, coupled with an unfavourable
currency impact have made this particular business unsustainable.
Without any evidence of future upturn, we have no option
but to divest."
Air Products is confident that by transferring its business
to Taminco, it has selected a committed buyer who is one
of the world's significant producers of methylamines, a
building block for the pharma and chemicals industry. Taminco
specialises in a selection of the many methylamine derivatives,
serving industries such as agro-chemicals, animal feed additives,
specialised solvents, water treatment and surfactants. Headquartered
in Ghent with 15 sales offices world-wide, Taminco has operations
in Belgium (Ghent), Germany (Leuna) and China (Shanghai)
and employs approximately 500 people.
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