Abstract
BFGoodrich has agreed to sell its performance materials business to an investment group led by AEA Investors in a deal worth $1.4 billion. The transaction completes BFGoodrich's long metamorphosis from a basic materials and specialty chemicals producer into an aerospace and industrial components company. Another group led by AEA Investors of New York City and London bought a 75% stake in Chicago-based Sovereign Specialty Chemicals last year. The current investment group also includes Deutsche Bank affiliate DB Capital Partners and an affiliate of DLJ Merchant Banking Partners. The group will obtain all of BFGoodrich's performance materials segment, which is a major producer of emulsion polymers, food additives, chlorinated polyvinyl chloride, and various other specialty chemicals. The business had sales of more than $1.2 billion in 1999 and nearly $900 million during the first three quarters of this year. The partners haven't named the new company yet but have decided to keep its headquarters in Brecksvil...
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