A UK consortium led by Dennis Matthewman has bought UCB's polypropylene and cellophane films business.
Matthewman, formerly md of Hays Chemical Distribution, will chair the new company, which has production sites in Wigton UK, the USA, Belgium and Australia. Investment company Candover Partners is also involved.
The euro 362m business will continue trading under the Surface Specialties UCB name for the foreseeable future. It will now be exclusively focused on high quality speciality films, including biaxially oriented polypropylene (BOPP), used in many wrapping applications.