| CORP. ACQUISITION |
ARCH CHEMICALS Inc. has sold Hickson & Welch Ltd. for 11 million [pounds sterling] ($18 million) to Dunedin Capital Partners Ltd., a private equity firm based in the UK. Located on a 175 acre site in Castleford, England, Hickson & Welch is an organic fine chemicals producer and contract manufacturer focused on agrochemicals, pharmaceuticals, pigments and detergents. The company has 300 employees and reported sales of 40 million [pounds sterling] ($64 million) in 2002. "This transaction brings to a conclusion our plan to successfully divest the non-strategic assets acquired in the Hickson acquisition," says Michael E. Campbell, Arch chairman, president and CEO. Arch strengthened its position in biocides and high-performance polyurethanes with its August 2000 acquisition of Hickson International PLC, but the move also brought Arch the former Hickson Organics Division, which included both Hickson & Welch and Danville, Va.-based Hickson DanChem. Arch immediately announced its intention to sell the two businesses, and in March 2002 American Capital Strategies Ltd. bought Hickson DanChem for $29 million. Dunedin's investment is "excellent news for the company and its employees," says John Markham, chief executive at Hickson & Welch. "We are delighted to support this highly experienced management team to acquire Hickson & Welch," says Nicol Fraser, investment director at Dunedin. "The business is well invested and has significant growth potential." |
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