aggregate FMCG exports increasedby 5% for 1Q 2004.

HLL has also announced plans torestructure the organization and itsmanagement team. A four-memberteam called National Management willbe responsible for the company’sperformance and results. Therestructuring involves formation of twodivisions, HPC and Foods, in itsFMCG’s business. The HPC division,which contributed Rup 67.3408 bn(almost 70%) to the turnover of thecompany for 2003, includes soaps,detergents and personal products.

Business Line, 16 Apr 2004, 11 (106), 1 & 30 Apr2004, 11 (120), 1

Calcutta Chemicals results for 1Q2004

The Calcutta Chemicals Co Ltdposted a net profit-after-tax of Rup1.14 M on net sales (including exciseduty) of Rup 220.77 M for 1Q endedMar 2004 (net profit-after-tax of Rup800,000 on net sales (includingexcise duty) of Rup 204.50 M in 4Qended Mar 2003). The companyderived revenues of Rup 88.808 Mfrom its soaps business, Rup 96.937M from detergents business and Rup35.026 M from other businesses(cosmetics, toiletries, perfumes,toothpastes) for 1Q 2004 (revenuesof Rup 98.142 M from soaps, Rup62.42 M from detergents and Rup43.938 M from other businesses in1Q 2003).

Business Line, 1 May 2004, 11 (121), 2

COMPANYNEWS

Lubrizol to purchase Noveon for $920 M

Noveon International, Inc has enteredinto a definitive agreement for its saleto The Lubrizol Corporation. Thetransaction value includes a cashpayment of $920.2 M and theassumption of net debt, which wasapproximately $920 M as of 31 Dec2003. The acquisition, which hasbeen approved by the boards ofdirectors of both companies, issubject to regulatory approval and isexpected to close within threemonths. Noveon was created in

February 2001 by the acquisition byprivate investors of Goodrich’sPerformance Materials Division.Since then it has expanded into aglobal speciality chemical company,achieving year-on-year sales growthfor the past eight consecutivequarters and revenues in the last 12months of $1.2 bn. Following thetransaction, Noveon will become awholly owned subsidiary of Lubrizolwith its headquarters remaining inOhio. The new subsidiary will includeLubrizol’s fluid technologies forindustries and will have annualizedsales of approximately $1.6 bn. Thecombined company will haverevenues of approximately $3.2bn/year. Approximately one-half of theexpanded company will consist ofLubrizol’s traditional business,concentrating on lubricant additivesfor the transportation market, whilethe other half will concentrate on thehigher-growth areas of industrial andconsumer-related products.

Press release from: Noveon Inc, 9911 BrecksvilleRoad, Cleveland, OH 44141, USA. Tel: +1 216 4475000. Website: www.noveoninc.com (16 Apr 2004)

Lyondell and Millennium merge

Commodity chemicals groupsLyondell and Millennium are tomerge, creating a new entity with an$11 bn turnover and 10,000employees in 16 countries. With ashare capital market value of $4 bn,the new group will be the third largestchemicals group in the US after Dowand DuPont. Lyondell has made apublic exchange offer on Millenniumworth $1 bn and will take over its $1.3bn debts. The new group willcomprise Lyondell (which makes a$3.8 bn turnover), Millennium ($1.7bn) and Equistar (the partners’ jointventure which makes a $6.5 bnturnover). It will be known as LyondellChemical Company and run byLyondell’s management. Two ofMillennium’s managers will join itsboard. The merger should be finalizedin 3Q 2004 and is expected togenerate savings of $50 M. Lyondell’smain businesses are: propyleneoxide, propylene glycol compounds,butanediol, propylene glycol ethers,styrene and methyl tert-butyl ether.Equistar in one of the leading NAmerican producers of olefins. It alsomakes ethylene oxide, ethylene glycol

and speciality polymers. The mergerwith Millennium will also diversifyLyondell’s operations into areasincluding titanium dioxide pigmentsand fragrances.

Chimie Pharma Hebdo, 5 Apr 2004, (251), 14-15 (inFrench)

Drew names distributors

Drew Industrial Specialty Additiveshas chosen Procima to be its agent inPoland. Procima will handledistribution of Drew’s Drewplus foamcontrol agents, Drewfax specialitysurfactants and Drewguard flash rustinhibitors for the coatings andadhesives industry. In addition, thesame Drew product range will bedistributed by EuroChim Impex inMoldavia, Bulgaria and Romania.

PPCJ, Polymers, Paint, Colour Journal, Feb 2004, 195(4473), 6 & Mar 2004, 195 (4474), 6

Shaklee acquisition agreement

Ripplewood Holdings LLC andActivated Holdings LLC have signeda definitive agreement withYamanouchi Pharmaceutical toacquire the worldwide business ofShaklee. Shaklee is a leadingmanufacturer and distributor ofnutrition, personal care and householdproducts operating in Japan, the US,Mexico, Malaysia and Canada.

Press release from: Ripplewood Holdings LLC, OneRockefeller Plaza, 32nd Floor, New York, NY 10020,USA, Tel: +1 212 582 6700. Fax: +1 212 582 4110 (2Apr 2004)

LG Care enters FMCG market

LG Care, a unit of Korea’s LG group,has invested Rup 120 M to enter theIndian FMCG market and isintroducing toothpastes, shampoos,soaps and detergents. The companyalso plans to introduce cleaners,cosmetics and hairstyling productssoon. LG detergents are beingintroduced under the sub-brand‘Super-Enz’, which is an enzyme-based detergent. The products will beimported from Korea and will beavailable by Jul 2004 in all Indiancities with a population of over100,000. LG Care is targetingturnover of Rup 1.5 bn for the firstyear of introduction.

Business Line, 7 May 2004, 11 (127), 5

JUNE 2004 7

F O C U S O N S U R F A C T A N T S