Mitsubishi Rayon completes $1.6bn Lucite acquisition

29 May 2009 12:42  [Source: ICIS news]

LONDON (ICIS news)--Mitsubishi Rayon has completed its delayed acquisition of UK-based methyl methacrylate (MMA) producer Lucite International, the Japanese company said on Friday.

The company announced the $1.6bn (€1.1bn) acquisition in November 2008 and has now received all necessary regulatory approvals.

Mitsubishi Rayon said the acquisition made it the world’s largest MMA producer.

The company had hoped to complete the deal by 31 March, but it was reported in April that at least one regulatory agency was taking longer than expected to approve the acquisition.

Lucite was initially formed from an amalgamation of the acrylics business of ICI and DuPont in 1993 and was majority owned by private equity investor, Charterhouse Capital Partners.

($1 = €0.72)

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By: Mark Watts
+44 20 8652 3214

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