CPH Chemie + Papier to close its Dublin biotechnology subsidiary BioUETIKON as of May 31; closure part of company's complete withdrawal from fine chemistry business, will affect 13 personnel
Kendall Sinclair
PERLEN, Switzerland
,
February 9, 2012
(press release)
–
CPH Chemie + Papier Holding AG (SIX: CPHN) is to terminate the operations of its BioUETIKON Ltd. subsidiary based in Dublin (Ireland). The move follows the sale last November of CU Chemie Uetikon GmbH of Lahr (Germany), and marks the CPH Group’s full withdrawal from the fine chemistry business.
CPH Chemie + Papier Holding AG announced its intention to withdraw entirely from the fine chemistry business when it disposed of its CU Chemie Uetikon GmbH subsidiary based in Lahr (Germany) last November. The sale left its BioUETIKON Ltd. subsidiary, which is based in Dublin (Ireland), as the CPH Group’s sole remaining operation in this business segment. The subsidiary, which specializes in biotechnological synthesis processes, was acquired in 2006 and integrated into the Group’s fine chemistry organization.
CPH has now assessed the various strategic options and, having been unable to find a buyer for the business, has decided to close down its BioUETIKON operation as of 31 May 2012. All current customer commissions will be duly and properly processed in the intervening period. The closure affects 13 BioUETIKON personnel.
CPH Chemie + Papier Holding AG made provisions for the strategic solutions for BioUETIKON Ltd. in its provisional 2011 accounts. The closure now resolved will require fewer such funds than envisaged. In view of this, provisions in the final 2011 consolidated accounts will be lower than planned. This will have a positive impact on the net group result for 2011 which will be better than originally projected.
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