CLEVELAND, Tenn. (AP) -- The 350-employee Arch Chemicals Inc. plant in north Bradley County has a new owner.
Swiss specialty chemicals and biotechnology company Lonza Group Ltd. says it is buying the Norwalk, Conn.-based antibacterial products maker for $1.2 billion in cash.
The transaction calls for Lonza to acquire all outstanding shares of Arch Chemicals at $47.20 per share in cash. Directors have unanimously recommended Lonza's cash offer to shareholders.
An Arch Chemicals spokesman told the Cleveland Daily Banner there are no plans to change.
Lonza plans to complete the transaction later this year. A spokesman told The Associated Press that any job cuts will probably come from administration and will not affect production.
Arch Chemicals recently announced plans to invest $30 million in technology upgrades at the north Bradley County plant.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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