FRANKFURT, Germany (Dec. 12)—MG Technologies A.G. has sold its Safic Alcan rubber and specialty chemicals trading subsidiary to a French investment consortium.
The deal, for which no purchase price was revealed, is retroactive to Jan. 1. MG Technologies, which has owned a share of Safic Alcan since 1992, announced in 2002 it was concentrating on its engineering business and wished to sell its chemical activities, including Safic Alcan. The purchaser, Daniel Lebard Management Development, is a Paris-based family-owned investment firm. It is backed financially by the French leveraged buy-out specialists, Alpha Associes.
Paris-based Safic Alcan reported sales of $915 million for fiscal 2001-2002, with 334 employees. Martial Lecat, member of the executive board at Safic, said Safic will be able to keep its identity and character but also will be more flexible and more reactive under the new ownership.