Acordis Beheer bv (Acordis) and Ciba Specialty Chemicals (Ciba) have signed an agreement to sell their polyacrylate super absorbent fiber business, Technical Absorbents Limited, located in Grimsby, U.K., to Bluestar Fibres Company Ltd. Financial details of the transaction were not disclosed. The transaction—which is expected to be completed next month—is a transfer of share ownership and is not expected to affect customer, supplier and employee relationships.
Bluestar Fibres is a wholly owned subsidiary of China National Bluestar Corporation, which is itself a wholly owned subsidiary of China National Chemical Corporation (ChemChina).
The sale is expected to serve the best interests of the Technical Absorbents business. Acordis and Ciba consider Bluestar an ideal owner in view of its commitment to the development, manufacture and distribution of specialty manmade fibers and associated materials following its recent acquisition of the Fibres Worldwide Company Ltd. assets.