CP Kelco's Daily Operations Will Not Be Affected by Hercules' Sale of Its Minority Share Position to Huber.Business Editors WILMINGTON, Del.--(BUSINESS WIRE)--Jan. 26, 2004 Hercules Incorporated announced an agreement has been signed for the sale of its minority share position in CP Kelco to J.M. Huber Corporation. The companies expect the transaction, subject to regulatory approval, will close during the first quarter of 2004. "In terms of our day-to-day operations, this announcement and resulting sale of Hercules' minority share position will have virtually no impact on us and will be completely transparent to our customers, suppliers and employees," says Robert B. Toth, CP Kelco's President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "It is a financial transaction between Hercules and Huber which we believe is a direct result of continued improved performance that makes CP Kelco an attractive investment." Formed in 2000 by the combination of the Copenhagen Pectin/Food Gums Division of Hercules Incorporated and the Kelco Biopolymers business of Monsanto Company, CP Kelco's principal shareholders are currently Lehman Brothers Merchant Banking Partners II L.P. and Hercules Incorporated (NYSE NYSE See: New York Stock Exchange :HPC (Handheld PC) A palmtop computer that weighs less than one pound and runs specialized versions of popular applications. Microsoft coined the term for its Windows CE operating system, which is an abbreviated version of Windows. See Pocket PC. ). Lehman Brothers will remain the primary and controlling shareholder if and when the transaction is approved. About CP Kelco: CP Kelco is a leading global producer of xanthan gum xan·than gum n. A natural gum of high molecular weight produced by culture fermentation of glucose and used as a stabilizer in commercial food preparation. , pectin pectin, any of a group of white, amorphous, complex carbohydrates that occur in ripe fruits and certain vegetables. Fruits rich in pectin are the peach, apple, currant, and plum. Protopectin, present in unripe fruits, is converted to pectin as the fruit ripens. and carrageenan car·ra·geen·an or car·ra·geen·in n. Any of a group of closely related colloids derived from several red algae, widely used as a thickening, stabilizing, emulsifying, or suspending agent in pharmaceuticals. . The company has more than 2,000 customers in over 100 countries, with facilities in North America, Europe, Asia and Latin America. For more information on the company, please visit www.cpkelco.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion