| Taminco to acquire Amines business from Air Products |
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Gent, Belgium – August 24, 2006. Taminco has reached an agreement with Air Products to acquire its higher amines and methylamines business with a turnover of approximately 310 million US$ in fiscal year 2006 and plants in Pace (Florida, US), St Gabriel (Louisiana, US) and Camaçari (Brasil) and approximately 225 employees. The new entity will become a strong global player in methylamines, a key building block for the pharma and chemicals industry, together with being a market leader in higher amines in the States and Brazil mainly serving the agro industry next to a wide range of different applications.
“The acquisition of Air Products’ Higher Amines and Methylamines makes us more than ever The AMINe COmpany!”“Acquiring the amines activities from Air Products is a unique opportunity for Taminco. The businesses are very complimentary, focusing on similar markets in different regions, with leading market positions and the same technology base”, said Pol Vanderhaeghen, Taminco’s CEO. “We want to share our excitement with every employee of Air Products who will join us around the world. Also, the Lehigh Valley in Pennsylvania seems to be a perfect location for us to open a new office.” John Jones, Air Products’ chairman and CEO adds: “We are extremely pleased to be making this sale to Taminco. We said in March that this business is an attractive asset for the right owner and we would only sell it to a buyer who appreciated that value. This is a good fit for Taminco, who recognized the improvements we made in the business and the quality of our employees.” Combining the two businesses will allow Taminco to extend its product offering to the customer, to integrate into selective derivatives in the United States, and to reach the scale to be globally effective by continuing its growth strategy into Asia and Latin America. After this acquisition, Taminco will have a turnover of approximately 540 million € and approximately 700 employees, located in a number of sales offices, research facilities and 6 production sites. These facilities are situated in Europe as well as in the Americas and Asia. Air Products and Taminco expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of September.
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