Lonza sells majority of its stake in Polynt

27 December 2007 12:11  [Source: ICIS news]

MUMBAI (ICIS news)--Lonza said on Thursday that it would sell about 90% of its holding in Polynt to the Italian group Polimeri Speciali, as a part of its strategy to focus on the life sciences.

Switzerland-based Lonza has held a minority 31% stake in the phthalic and maleic anhydride producer since Polynt's listing on the Milan bourse in October 2006. Lonza said it intends to retain a 3.39% shareholding.

“This transaction represents the final milestone in Lonza’s strategy to focus on its life science operations, following the transformational changes to its portfolio implemented over the last year,” it said.

The sale to Polimeri Speciali, a company indirectly controlled by Investindustrial, is expected to close after regulatory reviews in the second quarter of 2008, the Swiss company added.

By: Isha Jha
+65 6780 4359

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