Atrium has announced the sale of its Active Ingredients and Specialty Chemicals division to AXA Private Equity for US$155 million in cash, subject to working capital adjustments.
The parties expect the transaction to be completed by mid-May. Following the transaction, the main office of the Active Ingredients and Specialty Chemicals division will remain in Quebec City under the leadership of Charles Boulanger, president of the Active Ingredients and Specialty Chemicals division, and its existing management team.
The company have stated that the transaction will bring significant benefits in that Atrium will become a health and nutrition pure-play, benefiting from the healthy living and ageing population trends.
"We are pleased to have entered into this agreement with AXA Private Equity, allowing us to execute efficiently on our announced strategic process to divest the division,” said Pierre Fitzgibbon, president and ceo of Atrium. “This transaction will allow us to optimize the creation of shareholder value by focusing exclusively on the Health and Nutrition industry, where we intend to continue to play the role of a strategic consolidator in a conducive industry environment."