Dutch chemical company Akzo Nobel NV, which acquired Courtaulds plc in September, has disposed of the last part of Courtaulds' polymer products division with the sale of CPFilms Inc.
Solutia Inc., the former Monsanto Co. chemicals business, is paying $200 million for CPFilms, formerly known as Courtaulds Performance Films Inc. of Martinsville, Va.
CPFilms is a leading producer of enhanced polyester film for solar control on vehicle and building windows. The company has plants in Martinsville; Canoga Park, Calif.; and Runcorn, England.
The company also manufactures dyed, coated, laminated and metalized film for special industrial and aerospace applications.
CPFilms achieved sales of about $130 million for the fiscal year ended in March 1998, and currently employs 635, primarily in the United States, according to Akzo Nobel of Arnhem, the Netherlands.
In a news release, Robert G. Potter, chairman and chief executive officer of St. Louis-based Solutia, said the business was a good fit with its existing Saflex plastic interlayer business.
Saflex is used in the manufacture of laminated glass for automotive and architectural applications.
The CPFilms business unit will be headed by Ken Vickers, who has led the business for six years.
``Solutia is an ideal partner for CPFilms,'' Vickers said. ``We have a similar culture, having evolved from large corporations, and we are market leaders in our respective businesses.''
Akzo Nobel has sold off Courtaulds' packaging businesses in stages. Akzo Nobel sold the bulk in November in a management buyout.
Key CPFilm product lines include window film products marketed under the trademarks of Vista, Formula One Performance Automotive Film, Llumar and Gila.
The products are sold to the consumer aftermarket and distributed worldwide through an independent network of professional installers and retail stores.
The business also makes film products used in medical devices, satellites, computer touch screens and displays for luminescent watches.