BP AMOCO PLC
15 July 1999
BP AMOCO TO SELL PLASKON ELECTRONIC
MATERIALS BUSINESS TO COOKSON
BP Amoco announced today it has agreed to sell its Plaskon Electronic
Materials business to Cookson Group plc for US $121 million. BP Amoco expects
the transaction to close in the third quarter of 1999.
Plaskon manufactures and sells plastic materials used to encapsulate
semiconductors. The business is headquartered in Alpharetta, Georgia, near
Atlanta. It employs about 200 people, with roughly 90 percent located at its
manufacturing plant in Singapore and 10 percent located at the Alpharetta
site. Cookson has indicated it will offer employment to all Plaskon
employees.
'Plaskon has been an excellent business for BP Amoco, but its maximum value
can best be achieved with a company who has a broader portfolio of electronic
materials businesses,' said George Tacquard, BP Amoco business unit leader for
Engineering Polymers and Carbon Fibers. 'The decision to sell Plaskon is based
on a 1999 strategic review of the company's chemical business which aims to
focus the portfolio on activities where BP Amoco has a clear competitive
advantage.'
Cookson is an international materials technology group dedicated to providing
advanced materials and enabling technologies to its customers worldwide.
Headquartered in London, Cookson employs more than 15,500 people in 35
countries worldwide. In 1998, group sales were £1.7 billion pounds (US $2.8
billion).
BP Amoco is a world-wide producer and marketer of oil, petroleum products,
natural gas and chemicals. The London-based company had 1998 revenues of
approximately US $84 billion.
Press enquiries to:
John Curry, BP Amoco Press Office, Alpharetta, Tel: 770 576 3084
Scott Dean, BP Amoco Press Office, London, Tel: +44 171 496 4344
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