Merger of Reichhold and Polynt Creates Global Specialty Chemicals Group
GREENWICH, CT - Reichhold and Polynt announced the completion of the merger of the two companies. With more than €2 billion in revenue, the new Polynt-Reichhold is a global company in intermediates, coating and composite resins, thermoset compounds, gelcoats, and niche specialties. Black Diamond Capital Management L.L.C. and Investindustrial are equal investors in the new group.
This combination enhances Polynt-Reichhold's leading position as a global, vertically-integrated specialty chemicals player, with significant presence in North America, Europe and Asia, based on Reichhold's global scale, extensive product portfolio, and R&D competencies, now further reinforced by Polynt with the successful integration of PCCR and CCP in the last five years.
Black Diamond's Managing Principal, Stephen H. Deckoff, commented on the transaction, "We are pleased with the final outcome of this combination as it brings together two leading specialty chemical businesses with global footprints. The combination provides the opportunity to capitalize on increased scale, complementary manufacturing and product development capabilities, and significant synergies to compete successfully in the marketplace going forward."
"We intend to quickly align the cultures within the combination to support our global leadership position, better serve our customers and create value for our shareholders," added Rosario Valido, President and CEO of Polynt-Reichhold. "With 44 plants across the world, the company will be the closest to the local needs of its customers and the just-in-time suppliers of specialty chemicals in the geographies in which they have operations. Our aim is to grow our business together with our customers and to drive the quality of our products toward the highest expectations of the industry."