Arnhem, the Netherlands, February 15, 2001 – Akzo Nobel Polymer Chemicals has agreed to divest its ADC Monomer business to Great Lakes Chemicals Corporation for an undisclosed amount. ADC Monomers are used in the optical industry for the production of lenses. The transaction is expected to be concluded in the first quarter of 2001.
"While the Nouryset monomer range delivered positive financial performance in 2000, our view remains that it no longer fits within our product portfolio" said Arend-Jan Kortenhorst, General Manager of Akzo Nobel Polymer Chemicals. "However, we will continue to develop and produce initiators for the optical industry since both we, and our customers, feel that this is a core competence from which we both benefit." Akzo Nobel will continue to supply methacrylate based monomers, and will focus on further developing and growing its leading position in organic peroxides he added.
Akzo Nobel will continue to produce Nouryset for Great Lakes at its sites in Gillingham and Pasadena. Manufacturing staff will continue to be employed by Akzo Nobel, however all other dedicated personnel will move with the business to the new owners.
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2000 will total some EUR 14 billion (USD 13 billion, GBP 8.5 billion). The Company currently employs 68,000 people in 75 countries. Financial results for the year 2000 will be announced on February 23, 2001.
Akzo Nobel Polymer Chemicals holds worldwide leading positions in the production, handling and supply of organic peroxides, metal alkyls, Ziegler-Natta and other polymerization catalysts. These products are used in the production of thermoplastic polymers and thermoset plastics. Production is carried out at more than 15 plants/sites worldwide. Sales for 1999 for Polymer Chemicals totaled EUR 590 million.
Great Lakes Chemical Corporation (NYSE: GLK) is the world’s leading producer of various specialty chemicals for such applications as flame retardants, polymer stabilizers, fire extinguishers, water treatment, as well as a growing line of performance and fine chemicals for the life science industry. The stock of the company is traded on the New York Stock Exchange.