Proposed Acquisition of UCB Group’s Film Business

The global packaging and labeling film business of Surface Specialties UCB is set to be bought for $396M by a consortium led by Dennis Matthewman, former managing director of Hays Chemical Distribution, who will chair the new company, and Candover Partners Ltd.
    
The company, which has its U.S. head office in Atlanta, GA, and a cellophane production site at Tecumseh, KA, has been part of the Belgian UCB Group for more than 30 years. During that time it has enjoyed rapid growth and significant investment. The business now has five production sites in the U.S., U.K., Belgium and Australia and an annual turnover of $448M.
    
A new company, led by the existing management team and exclusively focused on the development and production of specialty films, is to be created. The acquisition is expected to be completed in September 2004.