Specialty chemicals company Altana (Wesel, Germany) has acquired Solvay’s formulated resins business for an undisclosed amount.
The products, sold primarily under the Conap brand, generated 2015 sales of about $20 million. The deal is expected to close in the first half of 2017, subject to customary closing conditions including antitrust approvals.
Altana, through the acquisition, gains a research and production facility at Olean, New York. Altana plans to integrate the acquired business with Altana’s Elantas PDG subsidiary, based at St. Louis, Missouri, which forms part of Altana’s Elantas electrical insulation division. “By acquiring the formulated resins business of Solvay, we are strengthening our position as a technology leader and expanding our business in North America,” says Altana CEO Martin Babilas.
Conap products are used in electronics, electrical, and specialty adhesive applications. The business formed part of Solvay’s technology solutions business unit, which includes the mining solutions, phosphorus specialties, and additive technologies business lines. “This transaction enables technology solutions to further extend our leadership position in our core polymer additives business,” says Michael Radossich, president/technology solutions at Solvay.
Separately, Solvay is engaged in a program to divest commodity assets, to focus the company’s portfolio on specialty chemicals and resins. Solvay has in the past month completed the sale of the Indupa chlorvinyls business in South America and confirmed deals to sell its Vinythai chlorvinyls business in Thailand and its cellulose acetate tow business.
By Ian Young
Source: Chemical Week
Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.
H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.
New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.