Pharmaceutical and nutrition products firm Lonza announced that the sale of its Specialty Ingredients business to Bain Capital has closed, the company said in a July 2 release. The transaction was valued at CHF 4.2 billion, or about $4.6 billion.
“Since announcing our intention to divest the Specialty Ingredients business, we have made significant progress in consolidating our new structure and identity and refining our focus as a pure-play partner to the healthcare industry,” said Albert M. Baehny, chairman of Lonza, in a statement. “As the divestment of the Specialty Ingredients business completes, at Lonza we have an opportunity to consolidate our identity and redouble our focus on long-term growth while delivering value for our customers, employees, and shareholders.”
Lonza reached an agreement to sell the business to Bain in early February, Powder & Bulk Solids reported.
The Specialty Ingredients business currently has 17 manufacturing sites across its global footprint that produce microbial control solutions for Personal Care and Professional Hygiene products. Lonza’s business also produces specialty chemicals and composites for the electronics, aerospace, food and agrochemical industries. 2,800 workers are employed by the business.
“I wish to thank the leadership teams and all employees in the Specialty Ingredients business for their continuing dedication and professionalism during the transition period,” Baehny said. “We remain close neighbors with the Specialty Ingredients business at some of our sites, so we look forward to continuing to collaborate with the new company and wish it much success under its new ownership.”