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Huntsman to Acquire Specialty Chemicals Company

Thursday, March 19, 2020

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Specialty chemicals company Huntsman Corporation recently announced its agreement to acquire CVC Thermoset Specialties, a North American specialty chemical manufacturer that serves the industrial composites, adhesives and coatings markets.

CVC Thermoset Specialties is part of Emerald Performance Materials LLC which is majority-owned by affiliates of American Securities LLC.

Huntsman

Specialty chemicals company Huntsman Corporation recently announced its agreement to acquire CVC Thermoset Specialties, a North American specialty chemical manufacturer that serves the industrial composites, adhesives and coatings markets.

CVC has an annual revenue of approximately $115 million with two manufacturing facilities located in Akron, Ohio, and Maple Shade, New Jersey. 

Under the terms of agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction. The transaction is expected to close around midyear.

"The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to our Advanced Materials portfolio and its unique products will make systems using our class-leading epoxy-based materials even tougher, stronger, and more durable,” said Scott Wright, President of Huntsman's Advanced Materials division.

“This business manufactures highly specialized toughening, curing and other additives used in a wide range of composite, adhesive and coatings applications across aerospace, automotive and industrial markets. In addition to strengthening our position in North America, Huntsman will use our existing asset footprint and routes to market in Europe and Asia to rapidly grow and globalize CVC Thermoset Specialties' exciting and complementary product range. This acquisition will further improve our ability to create differentiation in our customers' applications, in particular through our strong formulations business."

   

Tagged categories: Acquisitions; Business matters; Business operations; Good Technical Practice; Huntsman; Mergers; NA; North America

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