Ciba said the acquisition will strengthen its position in the coatings industry. “The acquisition of EFKA Additives is part of Ciba’s ongoing objective to focus on profitable growth and innovation,” said Armin Meyer, Ciba’s chairman and chief executive officer. “It will further strengthen our position as a leading supplier to the coatings industry. The acquisition will, with EFKA’s high added value products for the fast-growing industrial coatings market and its excellent standard of service, support our strategy to be the partner of choice for all customers in the value chain and to achieve high growth rates.”
EFKA’s current management will continue to oversee operations, reporting to Ciba’s coating effects segment.
Former BFGoodrich Performance
Materials Segment Becomes Noveon
PMD Group Inc., formerly BFGoodrich’s performance materials segment, has been renamed Noveon, Inc. The company became an independent entity in February when a group of investors acquired BFGoodrich’s performance material segment.
“The name we have selected for our company – Noveon – describes the promise of a new era, as we strengthen our commitment to be the specialty chemicals innovator,” said Steven J. Demetriou, Noveon’s president and CEO. “Noveon merges the concepts of innovation and the beginning of a new era for our company. We are a new company with a bright future.”
Noveon reported 2000 annual sales of $1.2 billion.The company’s headquarters will remain in Cleveland, OH.
“While our company has taken on a new name, our strengths will continue to reflect the skills and diversity of Noveon employees throughout the world,” said Mr. Demetriou. “As we begin our new era, we are more focused on serving our customers and creating value for our investors.”