2017 Plastics & rubber News

Evonik Completes Acquisition of Air Products Specialty & Coating Additive Business Division

Evonik completes the acquisition of Air Products Specialty & Coating Additive business division for US$ 3.8 billion (€ 3.5 billion). The acquisition has been approved by all relevant antitrust authorities. This move will help Evonik to grow its additive business.

The Specialty & Coating Additive business is part of Air Products Materials Technology Segment. It has about 1,100 employees at 11 production and development sites and offers customer support in all main global regions.

About Evonik
Evonik Industries is a specialty chemicals company headquartered in Essen. The company has more than 33,500 employees, is active in more than 100 countries and operates production plants in 24 countries. It generated sales of around € 13.5 billion and achieved an adjusted EBITDA of almost € 2.5 billion in 2015. It serves customers across a wide range of industries from food and animal feed, pharmaceuticals and biotechnology to electronic materials.

Source: Evonik Press Release, January 3, 2017

Solvay Sells Its Formulated Resin Business to Altana AG

Solvay agreed to sell its formulated resin business to the German chemical company Altana AG. The formulated resins business portfolio includes the CONAP brand epoxy resin and the polyurethane product systems for the electronics, electrical and specialty adhesive market.

About Solvay:
Solvay S.A. is a Belgian chemical company founded in 1863, headquartered in Neder-Over-Heembeek, Brussels, Belgium. It has almost 40,000 employees in 53 countries and generated net sales of € 12.4 billion in 2015. Its products serve diversified markets worldwide including consumer chemicals, advanced materials, performance chemicals, and functional polymers.

Source: Solvay Press Release, January 4, 2017

Nova's Polyethylene Reactor Fully Operational

Nova Chemicals Corporation, a producer of polyethylene resin, has announced the start up of its new linear-low density polyethylene (LLDPE) gas phase reactor at its Joffre, Alberta site. The new plant will allow Nova Chemicals to grow its polyethylene business with key customers in the packaging industry. The addition of the new gas phase reactor increases Nova's LLDPE production capacity by close to one billion pounds and its total PE production capacity to about 5 billion pounds.

About Nova:
Nova Chemicals Corporation is a subsiduary of the International Petroleum Investment Company (IPIC) owned by the goverment of the Emirate of Abu Dhabi. The company produces polyethylene and styrenics in the Americas at seven production sites.

Source: Nova Press Release, January 17, 2017

Berry Plastics Completes Acquisition of AEP Industries

Berry Plastics completes its previously announced aquisition of AEP Industries Inc. Berry paid $297 million as merger consideration in exchange for all outstanding shares of AEP common stock and outstanding AEP equity awards. It also paid $164 million to retire outstanding AEP debt. This acquisition will  boost Berry’s plastic film portfolio of stretch wrap, can liners, custom film and converted film for food and beverage packaging.

Source: Berry Plastic Press Release, January 20, 2017

About Berry Plastics
Berry Plastics is a leading producer of plastic consumer packaging, nonwoven specialty materials, and engineering materials. The company is headquatered in Evansville, Indiana and operates over 100 global manufacturing and development facilities with more than 16,500 employees. It generated net sales of $6.5 billion in fiscal 2016.

Sherwin-Williams to Acquire Valspar

The Sherwin-Williams company announced it expects to complete the acquisition of Valspar Corporation by June 2017. Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction. The combined revenue will exceed $16 billion and combined net sales $1.5 billion. The acquisition will enhance Sherwin-Williams position as a major global paints and coatings manufacturer and provider

Source: Sherwin-Williams Press Release, March 21, 2017

About Valspar
Valspar is a major producer of paints and coatings. The paints segment includes interior and exterior decorative paints, primers, varnishes and specialty decorative products such as enamels, aerosols and faux finishes for DIY and professional markets, as well as automotive refinish and high-performance floor coatings. The company has about 11,000 employees around the world generated net sales of almost $4.4 billion and net income of about $0.56 billion in fiscal 2015.

About Sherwin-Williams
Sherwin-Williams is the largest architectural coatings producer in the USA. It is estimated that roughly 80 percent of sales represent coatings sales with the remainder being related products. It is one of the main suppliers of DIY paints, industrial coatings and automotive refinishes. The company also has a strong position in industrial-maintenance coatings, auto-refinish and aerosol paints. The company is headquatered in Cleaveland, Ohio and has +4000 company-operated paint stores. The company generated net sales of almost $12 billion and net income of about $1.1 billion in fiscal 2016.

PPG Reiterates Invitation to AkzoNobel to Discuss Merger of the two Companies

PPG announced it has reiterated its invitation to AkzoNobel to enter into discussions to explore PPG’s proposal to form a combined company. PPG believes that a merger of the two companies will create operational synergies and strengthen the market position of the combined companies as a major global paints and coatings manufacturer.

Source: PPG Press Release, April 5, 2017

About PPG
PPG is one of the largest coatings company in the world and the largest producer worldwide of transportation OEM and refinish coatings. It has annual revenues of about $15 billion and a market capitalization of approximately $27 billion. The company has over 45,000 employees worldwide, with nearly 1,000 in the Netherlands and another 14,000 across the rest of the Europe, Middle East and Africa region. PPG operates over 150 plants globally, including 45 plants across 15 countries in Europe.

Huntsman and Clariant Agreed to Merge as Equals

Huntsman and Clariant agreed to merge as equals to create one of the largest specialty chemicals company in the world with sales of about $14 billion. The merged company will be named HuntsmanClariant.
The transaction is targeted to close by the end of this year. The combined company will be incorporated in Switzerland with Peter Huntsman as the new CEO. Clariant and Huntsman will have equal representation on the new company's board of directors.

Source: Huntsman Press Release, May 22, 2017

About Huntsman
Huntsman Corp. is a global manufacturer and marketer of chemical products with revenue of approximately $10 billion. The company offers a large product portfolio with thousands of chemicals that are sold worldwide. Huntsman has more than 100 manufacturing and R&D facilities in approximately 30 countries and employs about 15,000 people within 5 business divisions including Pigments & Additives, Polyurethanes, Textile Effects, Perforance Products, and Advanced Materials.

About Clariant
Clariant is a leading speciality chemicals company with revenue of more than $6 billion. Clariant consists of more than 140 companies in 53 countries and employs about 17,500 people within four business areas including Care Chemicals, Catalysts, Natural Resources, and Plastics & Coatings.

Polynt and Reichhold Complete Merger

Polynt and Reichhold announced the closing of the merger of the two companies after having received all regulatory approvals. The merger creates a global resin company with over €2 billion in revenues that supplies resin intermediates, coating and composite resins, thermoset compounds, gel-coats and some niche specialty chemcials. The merger strengthens the Group’s leading position as a global specialty chemicals supplier and manufacturer in Europe, North America and Asia.

Source: Polynt Press Release, May 19, 2017

About Polynt
The Polynt Group is a major manufacturer and supplier of specialties, intermediates and composites for the industrial, transportation, building and construction, marine, medical, consumer markets. After completing the merger with CCP in 2014, the company has about 2500 employees and revenue of about $1.6 billion (2013).

About Reichhold
Reichold is one of the world’s largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. The company has its world headquarter and technology center in Durham, North Carolina, USA. Reichhold employs about 1300 people worldwide and operates 19 manufacturing sites around the world.

LANXESS Completes Acquisition of Chemtura

LANXESS bought the U.S. competitor Chemtura for about EUR 2 Billion in cash. Chemtura is the largest acquisition in the history of Lanxess and significantly broadens the companies’ additive portfolio making them one of the world’s leading suppliers of flame retardant and lubricant additives. It also increase their additive market share in North America.

Source: LANXESS Press Release, April 21, 2017

The LANXESS group is a major manufacturer and supplier of specialty chemicals and polymers with sales of about EUR 7.7 billion in 2016. The company is based in Cologne, Germany and was founded in 2004 as a spin-off of the specialty chemical devision and parts of the polymer business of the Bayer AG. After completing the acquisition of Chemrtura, the company has about 19000 employees and 75 production sites worldwide.

About Chemtura
Chemtura is one of the world's leading suppliers of of flame retardant and lubricant additives and an important supplier of organometallics and urethanes. The company generated annual sales of about EUR 1.5 billion in 2016 and has about 2,500 employees at 20 sites in 11 countries worldwide.

H.B. Fuller Acquires Royal Adhesives and Sealants

Adhesive and Sealant maker H.B. Fuller announced that it has signed an agreement to acquire its smaller competitor Royal Adhesives & Sealants for about $1.58 billion. The acquisition will increase the company’s revenue to nearly $2.9 billion and will strengthen its position in North America, Europe and China. The merger will also add new technology and capabilities. According to H.B. Fuller, the acquisition will create $35 million in cost synergies and $15 million in growth synergies over the next three years.

Source: H.B. Fuller Press Release, September 4, 2017

About H.B. Fuller
H.B. Fuller is a leading global adhesives, sealants and specialty chemical products supplier. It produces products for many markets including packaging, building & construction, paper converting, woodworking, general product assembly, disposable hygiene and other nonwovens. The company has its headquarter in Vadnais Heights, Minnesota, U.S. It generated an estimated revenue of approximately $2.1 billion in 2016.

About Royal Adhesives and Sealants
Royal Adhesives & Sealants is a major supplier of high-performance adhesives, sealants, encapsulates, and specialty polymers. The company focuses on five broad industry sectors: transportation, building & construction, product assembly, fenestration, and packaging. The company has its headquarter in South Bend, Indiana, U.S and employs about 1,500 people in 19 facilities all over the U.S. as well as in Germany and China. It generated about $650 million in revenue in 2016.

Berry Global to Acquire Clopay Plastic Products Company

The Berry Global Group announced it has signed a definitive agreement to acquire the Clopay Plastic Products Company, Inc. (“Clopay”), a subsidiary of Griffon Corporation, for $475 million in cash on a debt-free, cash-free basis. Berry Global expects annual cost synergies of about $20 million. The acquisition of Clopay broadens and strengthens Berry’s Health, Hygiene, and Specialty film business within the fast growing health and hygiene markets.

Source: Berry Plastic Press Release, Nov. 16, 2017

About Clopay
Clopay is a global supplier of printed breathable films, elastic films and laminates used in a variety of markets including hygiene, healthcare, construction and industrial protective apparels. The company is headquarterd in Mason, Ohio and has nearly 1,500 employees with facilities in the United States, Germany, Brazil, and China. Clopay generated $461 million in sales and $53 million in operating EBITDA for fiscal year 2017.

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