Ciba Announces Agreement To Sell Polymers Division
BASEL, Switzerland - Ciba Specialty Chemicals and Morgan Grenfell Private Equity announced an agreement under which Morgan Grenfell will acquire Ciba's Performance Polymers division, a major global supplier of epoxy resins, for 1.845 billion Swiss francs (CHF), or about $1.16 billion U.S. Morgan Grenfell, based in the United Kingdom, is the private equity arm of Deutsche Asset Management, a major European investment banking firm.
The transaction is expected to be completed during the first quarter, subject to customary closing conditions and regulatory approvals in the United States and Europe. Ciba said it plans to use the proceeds from the sale to repay debt and for corporate development purposes.