Huntsman Corp. (The Woodlands, Texas, USA) announced that it completed the acquisition of CVC Thermoset Specialties (Moorestown, New Jersey, USA), a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets.
Huntsman acquired the business from Emerald Performance Materials LLC, a majority-owned affiliate of American Securities LLC, for approximately $300 million, subject to customary closing adjustments. The all-cash transaction was funded from available liquidity.
The acquisition of CVC Thermoset Specialties, with its highly specialized toughening, curing, and other additives, is aligned with Huntsman's strategy of growing its specialty advanced materials portfolio. CVC has annual revenues of approximately $115 million with manufacturing facilities located in Akron, Ohio, USA, and Maple Shade, New Jersey, USA.
“These products deliver enhanced performance, such as durability, flexibility, and chemical, crack and impact resistance, in harsh environments,” says Scott Wright, president of Huntsman’s advanced materials division.
“Its applications make vehicles, aircraft, infrastructure, and electronics lighter, stronger, and last longer,” he adds. “Not only will this acquisition strengthen [our] position in North America, it offers products and technologies that we intend to rapidly grow and globalize by utilizing our existing asset footprint and routes to market in Europe and Asia. We expect to achieve approximately $15 million of annualized synergies within two years.”
Source: Huntsman Corp., www.huntsman.com.