21 October 1996 00:00 [Source: ICB]
Rhône-Poulenc is to sign an agreement to sell its soda ash company Novacarb to US group Harris Chemical. Financial details have been witheld. Initially Harris will take control of Novacarb's marketing activities only. Transfer to Harris of all production activities is expected to follow in two years.
Actions to develop synergies, said R-P, are to be implemented at the Nancy site in France. On completion of the Novacarb acquisition, Harris will be producer of 2.7m tonne/year of soda ash, making it the third largest producer in the world. Harris Chemical's total sales in 1995 were $700m.
All personnel affected by the initial and subsequent transaction will be directly transferred to the new organisation set up by Harris. Responsibility for managing the facility will remain with Novacarb.
|HARRIS' SODA ASH
|* including Novacarb
R-P set up Novacarb a year ago at a stage when it was looking to gain critical mass in soda ash through what proved to be an elusive acquisition in Poland.
Harris sees the Novacarb acquisition as a means of providing further growth through synergies in soda ash production in Europe.
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