Synthomer to Buy Hexion’s Adhesives and Coatings Business
HARLOW, England – Synthomer, Harlow England, has agreed to buy Hexion Performance Adhesives & Coatings (Hexion PAC), the adhesives and coatings business of Hexion Inc., Columbus, OH, for $226 million. The acquisition is expected to be completed during the summer of 2016, following regulatory approvals and the satisfaction of other closing conditions.
Hexion PAC develops, manufactures and markets a wide array of dispersions, additives, powder coatings and specialty monomers, supplying customers in industries that include coatings and adhesives. The business operatives seven sites across Europe, the United States and Asia. In 2015, the business generated sales of $370 million.
The acquisition of HEXION PAC strengthens Synthomer’s position in the performance adhesives and coatings market, offering access to new product technologies, customers and markets. HEXION PAC also complements Synthomer’s existing business both geographically and in the markets in which it operates. Following the acquisition, the group will have a stronger platform from which to continue its growth in the specialty coatings market.
Calum MacLean, Chief Executive Ofﬁcer of Synthomer, said, “The acquisition of HEXION PAC represents a further step forward in our strategy to continue to grow and develop the business. This acquisition strengthens our platform for continued growth in the global dispersions and additives market, and in particular expands our presence in the U.S. and Asia. HEXION PAC has a good performance track record and shares our commitment to innovation and emphasis on strong customer relationships. We look forward to welcoming our new colleagues and integrating the business with Synthomer through the remainder of this year.”