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February 16, 2006
To Our Valued Business Partners:
As a highly valued Tyco Plastics & Adhesives customer, we want to inform you that Tyco International’s previously announced sale of its Plastics, Adhesives, and Ludlow Coated Products businesses to an affiliate of private investment firm Apollo Management, L.P., was completed on February 16, 2006. Apollo Management, founded in 1990, is among the most active and successful private investment firms in the United States in terms of both number of investment transactions completed and aggregate dollars invested.
Along with this change in ownership, we are excited to announce that effective today our new company will be named Covalence Specialty Materials Corporation. We feel that our new name clearly states who we are as a company. Covalence means a shared bond and it is representative of the relationships we have with our customers, suppliers and employees. Specialty Materials was chosen because of the broad product line and array of technologies we utilize every day. Our operating businesses will now be identified as follows:
- Covalence Plastics (formerly Tyco Plastics)
- Covalence Adhesives (formerly Tyco Adhesives)
- Covalence Coated Products (formerly Ludlow Coated Products)
Our current management will continue to run the business with a strong focus on operational excellence and delivering superior customer service. We also remain committed to our guiding values of integrity, teamwork, excellence, and accountability. You are always top of mind in any decision we make, and we believe that our new company will be better positioned to pursue growth and investment opportunities in the markets in which we currently compete.
While our name may have changed, you will continue to interact with the same sales, customer service and other former Tyco Plastics, Tyco Adhesives or Ludlow Coated Products representatives and plant locations that you have worked with in the past.
Please let us know if you have any specific questions regarding the transition from Tyco to Covalence Specialty Materials. We will also make information available on our website at www.covcorp.com.
Thank you for your business.
Sincerely,
Brian Strauss
President
Covalence Plastics
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