Basel, Switzerland, and Indianapolis, IN (USA), 29 November 2012 – Lonza Group and Monument Chemical today announce the signing of a definitive agreement for the sale of substantially all of the assets of Lonza Group’s USA Performance Urethanes and Organics business located in Brandenburg, KY. Formal closing of the agreement is expected prior to year end.
“We are pleased to have found a strategic owner for our Brandenburg facility,” said Richard Ridinger, Chief Executive Officer of Lonza. “While performance urethanes operations is not core to the Lonza portfolio the divestiture of the assets provides the Brandenburg business, with the foundation for continued growth and expansion. Additionally, Lonza can continue to focus on further shaping and moving forward with our strategic activities.”
Amy Schumacher, President of Monument Chemical, said, “We are excited about the acquisition of the Brandenburg facility – the latest example of Monument Chemical’s continued investment in and growth of its portfolio. The addition of the performance urethanes and organics business provides a strong strategic foundation that will benefit the suppliers, customers and employees of the Monument family.”
As part of the Arch Chemicals Inc. acquisition in October, 2011 Lonza considered the divestiture of certain Arch business and assets. A formal divestiture process for Brandenburg was initiated in July of 2012. The Arch Performance Urethanes and Organics Business has been a leading supplier of specialty urethane and organic chemicals for over 40 years, developing and manufacturing products used in applications including products for coatings, adhesives, sealants and elastomers (“CASE”), flexible and rigid foams, coolants and solvents. The Business also supplies polyols, glycols and glycol ethers for such industrial applications as coolants, solvents and food additives.
Financial terms have not been disclosed.