Acordis, formed by the merger of Courtaulds and Akzo Nobel’s fibres business, is to be sold to a management buy-out team in a deal worth around £544m. Venture capital firm CVC will put up most of the funding.
Around 3,500 of Acordis’ 18,500 workforce are based at six sites in the UK. The firm has been hit by overcapacity in the commodity textiles sector and is cutting 2,050 jobs to save £50m a year in fixed costs.
Folkert Blaisse, Acordis chief executive, said: `We back CVC’s offer 100%. For our employees, it will put an end to a period of uncertainty.’ CVC has said it would put up further funding for acquisitions to boost organic growth.
Akzo Nobel aims to complete the disposal of Acordis by the end of the year.