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FTC
APPROVES RHODIA ACQUISITION OF ALBRIGHT & WILSON
Paris, March 15, 2000 - Rhodia announced it has completed
the acquisition of Albright & Wilson, by exercise of its call
option, following the approval of the deal yesterday by the U.S.
Federal Trade Commission (FTC). Through this acquisition, Rhodia
becomes the world leader in specialty phosphates, with net sales
of 1.2 billion Euros.
"The
acquisition of Albright & Wilson is a major step forward in
the young history of Rhodia and corresponds to our strategy of
focusing our business portfolio on specialty chemicals and capturing
front-ranking positions on the international market", said
Jean-Pierre Tirouflet, Chairman and CEO of Rhodia. "Albright
& Wilson is an excellent fit with Rhodia in terms of geographic
presence, product range and technology with estimated recurring
synergies of some 80 million Euros as of 2002.
Under the
terms of the FTC consent decree, Rhodia is required to divest
Albright & Wilson's U.S. merchant phosphoric acid business
and the related manufacturing assets to Potash Corporation of
Saskatchewan (PCS), Albright & Wilson's current partner in
this business. Rhodia will continue to maintain its own phosphoric
acid market position.
This press announcement was released yesterday in the U.S at 6:00
PM New York Time
With 1999 recorded sales of more than 1.1 billion Euros, Albright
& Wilson operates internationally in three technology areas,
Phosphates, Surfactants and Phosphorus Derivatives & Acrylics
and employs over 5,000 people throughout the world.
Rhodia,
one of the world leaders in specialty chemicals, contributes to
improving the quality of life by developing value-added products,
services and solutions for the beauty, clothing, foodstuffs and
healthcare markets as well as for the environment, transport and
industry. Rhodia employs 24,800 people worldwide and recorded
sales of 5,525 million Euros in 1999. Rhodia is listed on the
Paris Bourse and the New York stock exchange.
Contacts:
Press relations
Jean-Christophe Huertas
Tel: 33 1 55 38 42 51
Investor relations
Angélina Palus
Tel: 33 1 55 38 42 99
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