Volume 38, Issue 1, January 2003
Solutia Sells Resins, Additives and Adhesives Business to UCB
St. Louis-based Solutia Inc. has signed a definitive agreement to sell its resins, additives and adhesives business to UCB S.A. for $500 million. UCB has also made an upfront payment of $10 million for a short period of exclusivity. The sale is expected to close in early 2003, subject to completion of normal regulatory approvals and other customer closing conditions.
“This transaction is a strategic move for Solutia as it will strengthen our balance sheet by allowing us to pay down a substantial amount of debt,” said John Hunter, Solutia’s chairperson, president and chief executive officer. “With a much improved debt structure, Solutia will have greater flexibility to deal with future business risks and uncertainty, as well as pursue certain strategic opportunities.”
Georges Jacobs, chairperson of the executive committee of UCB, echoed Hunter’s thoughts.
“We are very pleased to welcome the resins, additives and adhesives businesses into our portfolio of specialty chemicals for coatings business,” Jacobs said. “Theses businesses have played an important role in the development of environmentally friendly resins.”
|Activ™ Glass to be Used in Major Architectural Project
Pilkington of Toledo, Ohio, has announced that its Activ™ self-cleaning glass will be used in its first significant architectural project—the Museum of the Earth, Paleontological Research Institution in Ithaca, N.Y. The 18,000-square-foot museum is set to open in July 2003, and will house one of the nation’s largest paleontological collections.
Dwyer Group Moves Up the Ranks
FORTUNE Small Business magazine recently named the Dwyer Group, parent company of more than 750 franchises in the United States, including Glass Doctor®, one of America’s 100 fastest-growing small business. Ranked at number 65, the company was judged on earnings growth, revenue growth and total stock return, including dividends for the past three years.
In addition, the Dwyer Group received the Founders Award at the 13th Annual Texas Family Business of the Year® awards. Recognizing the top family business in Texas that has succeeded in its industry while staying true to the principles and mission of the company’s originating founder, the award was given by the Institute of Family Business at Baylor University’s John F. Baugh Center for Entrepreneurship.
Take a Vacation on Coastal Industries
If you’re thinking about a trip to an exotic island or far-off land, this could be your chance to get there. Coastal Industries Inc. of Jacksonville, Fla. has launched a special promotion, running January 1 to June 30, which will send certain dealers and distributors on a vacation.
Hundreds of worldwide vacation spots, from Rome to Cancun, are available to those who increase sales of Coastal enclosures. Those who increase sales by $25,000 will earn a silver vacation (more than 140 choices) and those who increase sales by $40,000 will earn a gold vacation (more than 190 choices).
According to Coastal, the typical family resort package includes: accommodations for two adults at a deluxe resort/hotel (children stay free); complimentary single-use camera and phone card; full American breakfast for two; a complimentary round of golf for two (where available); and two admissions to a local attraction.
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