BP Amoco sells Dutch acid salts unit Verdugt

01 March 1999 17:14  [Source: ICIS news]

LONDON (CNI)--BP Amoco announced Monday it has sold its Netherlands-based acid salts business Verdugt to a group led by US merchant bank Castle Harlan and including chemicals company US Salt Holdings.

Verdugt management and employees will be retained by the Castle Harlan-led group, which plans to invest and develop the business, said BP Amoco. The terms of the sale were not disclosed.

Mark Demetree, chairman and chief executive of US Salt, said: "Verdugt will provide us with an excellent acquisition platform in the European market place. In addition, US Salt's distribution system will enhance Verdugt's penetration of the North American markets."

John Robinson, BP Amoco group vice president, said: "This divestment is consistent with the petrochemical focus of BP Amoco. Verdugt is a good business with a strong management team." The company will continue to supply Verdugt with various acid raw materials from its plants at Hull, England.

The other members in the investor group are First Union Capital Partners, which is the private equity arm of First Union Corp, and UK private equity business CVC Capital Partners.

By: Patrick Reynolds
+44 208 652 3214

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