OR WAIT null SECS
The company has divested its specialty ingredients business and operations to Bain Capital and Cinven, two private equity firms.
Lonza announced on Feb. 8, 2021 that it has divested its specialty ingredients business and operations to Bain Capital and Cinven, two private equity firms, for $4.2 billion.
The transaction is set to close in the second quarter of 2021, Lonza said in a company press release. Lonza’s specialty ingredients business works across 17 manufacturing sites globally and employs 2800 permanent employees.
“Today’s announcement is the result of a comprehensive and robust selection process,” said Albert M. Baehny, chairman, Lonza, in the press release. “Bain Capital and Cinven have shown they understand the value of the experience and expertise of our Specialty Ingredients employees. They presented the most compelling industrial strategy and vision for the business, they are also keen to prioritize R&D and innovation, as well as to invest in existing facilities to unlock the potential of the business.”
“The sale of the specialty ingredients business will allow Lonza to focus on its position as a leading partner to the healthcare industry, and the free cash flows resulting from the sale will allow us to accelerate our strategic priorities,” Baehny added in the press release. “We look forward to continuing to collaborate with Bain Capital and Cinven to ensure a seamless transition for customers and employees.”