The Letter of Intent allows for a period of exclusivity in which to reach agreement on the final terms of sale of European Sulfur Products to PVS Chemicals Belgium N.V. Upon successful conclusion of the agreement, European Sulfur Products’ employees will be transferred to PVS Chemicals.
Consultation procedures, where applicable, will commence shortly.
PVS Chemicals, headquartered in Detroit, USA, manufactures and markets inorganic chemicals through a broad worldwide distribution network. Manufacturing processes often involve recycling chemical wastes to produce new products. Other subsidiaries include a licensed waste treatment company, a transportation company and a manufacturer of commercial and industrial machinery. The company employs approximately 1000 people worldwide. PVS currently operates plants in Europe in Gent, Belgium and Kelheim, Germany.
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company currently employs approximately 83,000 people in almost 70 countries. Consolidated sales for 1998 totaled EUR 12.5 billion (NLG 27.5 billion, USD 13.8 billion, GBP 8.4 billion). The financial results for the year 1999 will be announced on February 25, 2000.