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LEHIGH VALLEY, PA - Air Products has announced it has signed a definitive agreement to sell its interest in its vinyl acetate ethylene (VAE) polymers joint ventures to Wacker Chemie AG, its long-time joint venture partner. As part of the agreement, Air Products will receive full ownership in the Elkton, MD, and Piedmont, SC, production facilities and its related businesses, plus cash considerations of $265 million.
The sale consists of the global VAE polymers operations including production facilities located in Calvert City, KY, South Brunswick, NJ, Cologne, Germany, and Ulsan, Korea, as well as commercial and research capabilities in Lehigh Valley, PA, and Burghausen, Germany. The 430 employees directly associated with the business will be offered employment with Wacker, which intends to continue operating the business out of the Lehigh Valley.
Upon completion of the sale, Air Products will assume full ownership of the Elkton and Piedmont plants and related North American atmospheric emulsions and global pressure-sensitive adhesives business. Air Products intends to sell these businesses.
Air Products and Wacker expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed during the first quarter of 2008.
The sale consists of the global VAE polymers operations including production facilities located in Calvert City, KY, South Brunswick, NJ, Cologne, Germany, and Ulsan, Korea, as well as commercial and research capabilities in Lehigh Valley, PA, and Burghausen, Germany. The 430 employees directly associated with the business will be offered employment with Wacker, which intends to continue operating the business out of the Lehigh Valley.
Upon completion of the sale, Air Products will assume full ownership of the Elkton and Piedmont plants and related North American atmospheric emulsions and global pressure-sensitive adhesives business. Air Products intends to sell these businesses.
Air Products and Wacker expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed during the first quarter of 2008.
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