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[30 SEP 98] COURTAULDS / AKZO NOBEL PRESS RELEASE
Relocation Of Fibres Corporate Functions And Focus Polymers

RELATED NEWS STORY: [01 OCT 98] Unions Predicts Courtaulds Shake-up

As Akzo Nobel has already announced, following the amalgamation of its activities with those of Courtaulds the fibres operations of each company are to be combined and formed into a new stand alone company, Acordis. It is intended that Acordis will become independent during the course of 1999. It will be the world’s largest dedicated fibre company, employing some 19,000 people with a combined turnover of over 1.8bn.

Akzo Nobel’s fibre operations are complementary to those of Courtaulds and the new company will therefore bring together a comprehensive range of filament and staple fibre businesses serving speciality, industrial and textile markets world-wide. One of its priorities will be to establish a cost efficient structure by concentrating resources both functionally and geographically. As part of this process, it has been decided that the fibres corporate administration functions currently based in George Street, London and the central functions and businesses based in Lockhurst Lane, Coventry, should be relocated, primarily to the Derby, UK site which already houses some of the Courtaulds Chemicals businesses and Novaceta.

The Focus Polymers business, whose growth is now constrained by the inadequate space at Lockhurst Lane, will move to a more suitable location in Coventry, probably Little Heath.

Some 200 of those employed at Lockhurst Lane, and a further 20 of those at George Street, will be subject to transfer. The transfers are likely to be phased over a period of some 18 months. Great care will be taken to minimise disruption, and every effort will be made to assist with any problems encountered by those involved.

The transfers apply only to those activities currently based in George Street and Lockhurst Lane. Courtaulds Chemicals and Novaceta, both at the Little Heath site in Coventry, and Courtaulds Engineering, which occupies a separate site in Coventry, are not affected.

MORE INFORMATION:  01203 582000

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CWN / Business / Newswire / Courtaulds/Akzo Noble / Press Releases / 30 September 1998

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