Polynt and Reichhold to Combine Businesses for Coatings Resins Production
DURHAM, NC/SCANZOROSCIATE, Italy – Polynt Group and Reichhold Group announced a definitive agreement to combine the two businesses. The deal will create a global, vertically integrated manufacturer of resins for composites and coatings and of other specialized chemicals, including intermediates, plasticizers, additives, and compounds. Currently, Polynt is wholly owned by funds managed by Investindustrial, and Reichhold is owned by a group of investors, including funds managed by Black Diamond Capital Management LLC. Black Diamond and Investindustrial intend to become equal investors and, collectively, majority stakeholders in the combined business. The transaction, subject to regulatory approvals and customary closing conditions, is expected to be completed in the second half of 2016.
“This compelling deal is expected to result in significant synergy opportunities and will enable our combined businesses to be more competitive, offer better services and more innovative solutions to our customers. It will allow us to respond more effectively to evolving industry dynamics and customer needs. With increased scale and product diversity, we can deploy a larger portfolio of products and provide more comprehensive offerings to benefit our collective customers. This combination brings together two strong businesses and positions us to succeed in a dynamic and highly competitive global marketplace,” said John S. Gaither, President and CEO of Reichhold.