Lucite looks at strategic options
Southampton, U.K.-based Lucite International has commissioned Merrill Lynch and Deutsche Bank to review strategic alternatives for the company, including a possible sale. The methyl methacrylate (MMA) producer has recorded ₤114 million (US$202.9 million) in Ebitda and ₤849 million (US$1.51 billion) in sales in 2007. Mitsubishi Rayon, an MMA maker and technology provider and a group of Saudi investors, including Saudi International Petrochemical Co. (Sipchem), have reportedly made takeover bids for Lucite. Other likely buyers are Asahi Kasei, BASF, Dow Chemical and Sabic. Meanwhile, the U.K. firm will open a 120,000 ton-per-year unit based on its Alpha MMA technology on Jurong Island, Singapore, by the end of 2008. (September 15, 2008)