24 August 2006 14:34 [Source: ICIS news]
HOUSTON (ICIS news)--Belgian company Taminco said on Thursday that it is buying Air Products' amines business for an undisclosed sum.
Air Products said the sale is part of its portfolio restructuring. The amines business, which generated revenues of $310m (€242m) in fiscal year 2006, includes plants at Pace, Florida, St Gabriel, Louisiana, and Camacari, Brazil. The business employs 225 persons, all of whom will continue with Taminco.
The sale, which is subject to regulatory approvals, is expected to be completed by the end of September.
Air products said its amines business produces methylamines and higher amines products used globally in many household, industrial and agricultural products. Taminco is a leading producer of methylamines and methylamine derivatives.
"We said in March that this business is an attractive asset for the right owner, and we would only sell it to a buyer who appreciated that value. This is a good fit for Taminco, who recognized the improvements we made in the business and the quality of our employees," said John Jones, Air Products' chairman and chief executive.
Pol Vanderhaeghen, Taminco's chief executive, said the two companies' amines businesses are complementary, focusing on similar markets in different regions, with leading market positions and the same technology base.
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Allentown, Pennsylvania-based Air Products makes atmospheric gases, process and specialty gases, performance materials and chemical intermediates. It has annual revenues of $8bn.
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