2016 Plastics & rubber News
Synthomer Announces Acquisition of HEXION Performance Adhesives & Coatings
Synthomer, a leading speciality chemicals company, announces the acquisition of HEXION Performance Adhesives & Coatings (‘HEXION PAC’), a business of HEXION Inc. The total consideration is $226 million (£156 million). The acquisition is expected to complete during the summer 2016 following receipt of regulatory approvals and satisfaction of other closing conditions.
Synthomer is one of the world’s major suppliers of latices (aqueous polymer dispersions) and speciality emulsion polymers that find application in many market segments including coatings, adhesives, construction, textiles, and paper.
About Hexion PAC:
Hexion PAC develops, manufactures and markets a wide variety of products including dispersions, additives, powder coatings and speciality monomers with a broad range of end-uses including coatings, and adhesives for building and construction applications. The business employs approximately 750 employees and operates 7 sites across Europe, the USA and Asia. In 2015, HEXION PAC generated sales of $370 million and has gross assets of $149 million.
Source: Synthomer Press Release, 20. March 2016
Dow Chemical Announces $835 Million Settlement in Urethanes Litigation
Dow agreed to pay $835 million to settle a lawsuit brought by plaintiffs who claimed the company fixed the price of chemicals used to make urethane foams. The settlement resolves the $1.06 billion judgment against Dow imposed in 2013. The other companies involved in this class action lawsuit settled claims against them earlier, but Dow chose a jury trial.
February 26, 2016
Toyo Ink acquires the exclusive rights to a limited number of PSA adhesive technology from Rohm and Haas
Toyochem Co., Ltd., a wholly-owned subsidiary of the Toyo Ink SC Holdings Co., Ltd., announced that it has executed a Purchase and Assignment Agreement on December 30, 2015 to acquire the exclusive rights to a limited number of one-component, solvent-based acrylic pressure sensitive adhesive (PSA) technology from Rohm and Haas Chemicals LLC of Philadelphia, Pennsylvania, a subsidiary of The Dow Chemical Company. The agreement covers the global rights related to the formulation and manufacturing process in addition to customer information to 11 solvent acrylic PSA products. The newly acquired product lineup will be relaunched under Toyochem’s ORIBAIN™ series for industrial applications, thus boosting the company’s existing PSA portfolio.
Source: TOYOCHEM CO., LTD. News, Jan. 15, 2016
Toyoink is a global provider of printing inks, packaging materials, polymer and coatings, and color and functional materials The company maintains a number of technologies for two-component PSAs.
3M to Sell Pressurized Polyurethane Foam Adhesives Business
3M announced that it has entered into an agreement to sell to Innovative Chemical Products Group (ICP Group), a portfolio company of Audax Private Equity, the assets of 3M’s Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam), which is part of 3M’s Industrial Adhesives and Tapes Division. 3M’s Pressurized Polyurethane Foam Adhesives business is a provider of pressurized polyurethane foam adhesive formulations and systems for the residential and commercial roofing and insulation segments in the United States.
Source: 3M Press Release, January 20, 2016
3M, formerly known as the Minnesota Mining and Manufacturing Company (1902–2002), is a major producer of adhesives, tapes, abrasives, laminates, dental, orthodontic and medical products, electronic materials, and car-care products (polishes, wax etc.) with $32 billion in sales, and 90,000 employees.
ICP is a leading specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings and adhesives. ICP serves the architectural, specialty construction, packaging, printing and sport surfaces end markets.
Royal Adhesives & Sealants LLC has acquired Adhesive Systems Inc.
Royal Adhesives & Sealants LLC (“Royal”), a portfolio company of American Securities LLC, announced that it has acquired the stocks of Adhesive Systems Inc. (“ASI”). Based in Frankfort, IL, ASI develops, manufactures, and markets cyanoacrylate, methyl methacrylate, epoxy and anaerobic adhesives and sells to the assembly adhesives market through a large network of global distributors manufacturing, and filtration markets among others.
Adhesive Systems (ASI) develops and manufactures engineered adhesives and application solutions for the assembly adhesives market. ASI’s cyanoacrylate, methyl methacrylate, epoxy, anaerobic and other adhesive products find applications in the automotive assembly, aerospace/aviation, medical equipment, military, electronics, general industrial, appliances, plastics molding, furniture.
Royal Adhesives & Sealants is a global developer and manufacturer of high-performance adhesives and sealants. It offers a broad range of specialty formulated products designed to solve complex bonding, laminating and sealing applications across a diverse range of markets including aerospace and defense, construction, specialty packaging, automotive and industrial.
Source: Royal Adhesives & Sealants Press Release, January 4 2016
Novolex Agrees to Acquire Heritage Bag Company
Novolex agreed to acquire Heritage Bag Company (HBC), a premier manufacturer of plastic can liners and other packaging products based in Dallas, TX. With this acquisition, Novolex will be a $2.3 billion revenue company with over 6,000 employees and 43 manufacturing locations in North America, including two world-class recycling facilities.
Source: Novolex Press Release, April 4, 2016
Bayer Explores Acquisition of Monsanto to Become a Global Leader in Agriculture
Bayer has made an offer to acquire all of the issued and outstanding shares of Monsanto's common stock for USD 62 billion. Bayer made a written proposal to Monsanto on May 10, 2016. According to Bayer, the synergy of the two companies would create approximately USD 1.5 billion of additional revenue in the near future and would make Bayer the market leader in seed and farm chemicals with a strong footprint in all major regions.
Source: Bayer Press Release, May 23, 2016
Polyplastics Acquires Teijin's Share of WinTech PET, PBT Joint Venture
Polyplastic reached an agreement with Teijin Limited to acqiure all of Teijin's shares in WinTech. This will make WinTech a wholly owned subsidiary of Polyplastics. The acquisition will strengthen Polyplastics PBT band PET business.
About WinTech Polymer LTd.:
WinTech Polymer is a manufacturer of thermoplastic polyester resins. This company was formed through a merger of Polypastic's PBT resin business division with Teijin's PBT and GF-PET resin business.
Source: Polypastics Co. Press Release, August 29, 2016
Berry Plastics Anounced Acquisition of AEP Industries
Berry Plastics and AEP Industries reached an agreement under which Berry will acquire all outstanding AEP shares in a stock and cash transaction. This acquisition will boost Berry’s plastic film portfolio of stretch wrap, can liners, custom film and converted film for food and beverage packaging.
About AEP Industries
AEP Industries is a major producer of multi-purpose and flexible packaging films, headquatered in Montvale, New Jersey. AEP operates 14 manufacturing facilities in the US and Canada and has about 2600 employees. It generates net sales of approximately $1.1 billion.
Source: Berry Plastic Press Release, August 25, 2016
Air Products Sells Performance Materials Division to Evonik
Air Products, a world-leading industrial gases company, has signed a definitive agreement to sell its Performance Materials Division (PMD) of its Materials Technologies segment to Evonik Industries AG, a world leader in specialty chemicals and materials, for $3.8 billion in cash. This Move will help Air Products to grow their core Industrial Gases business.
About Air Products
Founded in 1940, Air Products is a world-leading industrial gases and performance materials company. The company has 19,000 employees and operations in more than 50 countries. It serves customers across a wide range of industries from food and beverage, health and personal care to energy and transportation. Air Products has a large portfolio of atmospheric gases, process and specialty gases, performance materials, equipment and services.
Source: Air Products Press Release, May 6, 2016
Axalta Coating Systems Acquires United Paint’s Automotive Coatings Business
Axalta Coating Systems, a leading global supplier of paints and coatings, has acquiered United Paint’s automotive interior rigid thermoplastics coatings business. Production will for the time being remain at United Paint’s Southfield Michigan facilities but will be moved to Axalta’s facilities eventually. Financial terms of the transaction were not disclosed. According to Axalta's Executive Vice President Steven R. Markevich, United Paint’s interior rigid thermoplastics coating technology is an excellent fit for Axalta. The acquisition will complete Axalta’s range of coating systems and will allow them to provide their customers in the global vehicle manufacturing industry with a complete range of coating systems.
About Air Products
Axalta is a leading global coating manufacturer that offers a large and extensive range of coating systems. The company is active in 130 countries and develops, manufactures and sells a wide selection of performance and transportation coatings around the world, including coatings for light OEM vehicles, commercial vehicles and refinish applications as well as buildings and pipelines. The company has approximately 13,000 employees and 35 manufacturing plants around the world.
Source: Axalta Press Release, July, 2016