05 August 2002 20:20 [Source: ICIS news]
HOUSTON (CNI)--Great Lakes Chemical said Monday it is in negotiations to sell its two fine chemicals businesses in the UK in a move that will mark Great Lakes' exit from the fine chemicals segment.
Michael Altman, a spokesman for Indianapolis, Indiana-based Great Lakes, told CNI today that the company is in talks to sell its 70-employee pharmaceutical intermediates plant at Holywell in Wales.
Also under sale discussion is Great Lakes' agrochemical and industrial intermediates plant at Halebank, Cheshire where the business employs 160 workers.
He declined to specify volumes or sales for either business unit.
Altman said the sale of the two units likely will be to separate buyers. But he said Great Lakes has no plans to close either facility prior to selling them. "We're selling the businesses as operating concerns, not just as facilities," he said.
He said the company has no specific deadline in mind for completing sale of either business. Nor could Altman detail at this point what savings the company expects to realise from disposition of the two units.
Great Lakes announced its intention to exit the fine chemicals segment as part of its second quarter financial report in late July.
Altman said the decision to sell off the two UK businesses "is part of our overall refocusing of the company into its core strengths in water treatment, polymer additives and performance chemicals."
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