New actor in Swiss chemical industry
A new name has appeared in the Swiss chemical industry. As of Monday, the former polymers division of the speciality chemicals group, Ciba, is operating under the name Vantico.
Vantico said it would keep its headquarters in Basel, where about 10 per cent of its 3,000-strong workforce is based. It said it had had turnover of SFr1.7 billion last year, and SFr469 million in the first quarter of 2000.
Most of its sales last year were in Europe (29 per cent), the United States (22 per cent) and Asia. Vantico makes a range of products, including glues, plastics, resins and materials for aircraft construction.
Last week, Ciba sold the division to an investment group owned by Deutsche Bank for SFr1.6 billion. The group, Morgan Grenfell Private Equity, aims to float Vantico on the stock market in four to five years' time.
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