Governing bodies have given the green light to Belgian company UCB to acquire the specialty chemicals business of Solutia for $500 million. The specialty chemicals business of Solutia incorporates their resins, additives and adhesives product lines.
Solutia will use the proceeds from the sale to reduce debt, while UCB will consolidate their chemicals and films businesses, but keep their drug operation separate.
The sale of Solutia’s specialty chemicals business affects approximately 1700 staff who are expected top be transferred across to UCB.
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