The top executive at acrylic company Lucite International Ltd. denies a report that it may be sold soon.
Reuters reported last week that private equity firm Charterhouse Capital Partners LLP may sell Lucite. Charterhouse bought the firm, formerly known as Ineos Acrylics, from ICI plc in 1999.
Charterhouse asked Deutsche Bank to study options for the sheet, composites and resin maker, which could be sold for around £1 billion ($1.93 billion), Reuters said.
Ian Lambert, chief executive officer of Southampton-based Lucite, denied in a news release that a sale is imminent.
``The board continues to monitor strategic plans and options, but a sale of the business is not contemplated in the near future,'' Lambert said.
Lucite, which claims a 25 percent share of the global methacrylates market, runs 16 plants, employs 2,000 and reported 2003 profit of $184 million on sales of $1.1 billion.