10 July 2000 00:00 [Source: ICB Americas]By Lisa Jarvis
Arch Chemicals Inc. will acquire the UK-based specialty chemicals company Hickson International PLC for about $150 million in cash. Arch will buy Hickson's roughly 180 million outstanding shares for £0.55 (85 cents) apiece and take on roughly £33 million ($50 million) in net debt. The transaction is expected to be completed in the late third quarter or early fourth quarter.
"This acquisition strengthens our already significant position in the high-growth biocides and performance urethanes marketplaces and is the right opportunity to expand our international operations," says Michael E. Campbell, chairman and CEO of Arch.
Hickson's businesses--wood protection, furniture coatings and organic chemicals--generated sales of £208 million ($330 million) in 1999. The purchase complements Arch's current product offerings in addition to creating global infrastructure synergies.
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