By David Shaw ERJ Editor and Patrick Raleigh ERJ On-line news editor
Frankfurt Germany- MG Technologies has sold its subsidiary Safic Alcan, to Daniel Lebard Management Development, (DLMD), which has financial support from French leveraged buy-out specialists, Alpha AssociÃ©s. The purchase price was not revealed. The deal is retro-active to 1 Jan, 2003.
According to Martial Lecat, member of the executive board at Safic, â€œWe are happy with this. Safic will remain Safic. We will keep our identity and our character, this is very important. Our strategy will remain the same. We know DLMD and they are a small, light company, so the only difference is that we will be more flexible and more reactive.â€ Lecat added that there would be no changes, either for his clients or his vendors.
MG Technologies announced in 2002 that it was concentrating on its engineering business and wished to sell its chemical activities, including Safic Alcan.
Paris-based Safic-Alcan reported sales of approximately â‚¬971 million for fiscal 2001/2002. The company employed 334 people at September 30, 2003.
Safic Alcan specialises in trading and distribution of raw materials for the rubber and other industries. DLMD is privately owned by the Lebard family and specialises in investments in the logistics and food industries.
MG operates Safic-Alcan via its Solvadis AG subsidiary, a global chemicals trader with sales of around â‚¬1400 million. Solvadis has around 800 employees and is based in Frankfurt.