Daikin Industries, Ltd., recently agreed to acquire Heroflon S.p.A., an Italian manufacturer of fluoropolymer compounds.
Daikin will obtain all company shares owned by the Heroflon Executive Officers with finalization of the acquisition planned for the end of October 2017 after completion of all necessary procedures.
Heroflon is a compound manufacturer that produces high-performance fluoropolymers by combining various materials. Its product lineup includes fluoropolymer compounds and micro-powders centering on polytetrafluoroethylene (PTFE). PTFE is a highly functional and high value-added fluoropolymer used in a wide range of fields including the automotive, construction, electrical power, and chemical industries. Business operations center on the European market.
Daikin supplies various kinds of fluoropolymers such as PTFE to processing companies including compounders. With this acquisition, Daikin fully enters the compound business for fluoropolymers and will utilize its global network to expand sales of Heroflon’s fluoropolymer compounds and micro-powders. The company also expects this acquisition to further strengthen its relationship with European car manufacturers together with sales expansion of fluoroelastomers and Automotive air conditioning refrigerant. By accelerating product development that meets customer needs, Daikin expects to realize sales expansion of fluorinated materials for automobiles.
Moreover, with the automotive parts market shifting toward fluoropolymers to reduce weight, promote miniaturization, and lower fuel consumption, Daikin aims to increase global sales of fluoropolymers and fluoroelastomers to 100 billion yen in 2020 by developing products corresponding to a greater need for functional enhancement, such as in heat and wear resistance, and providing technical services.
The European Union said Monday that it has approved Agrofert Group’s acquisition of Borealis AG’s nitrogen business after concluding that the deal wouldn’t raise competition concerns. Agrofert is a Czech conglomerate, while Austrian chemical and fertilizer company Borealis is 75%-owned by OMV AG with the remaining 25% held by Abu Dhabi National Oil Co.
LyondellBasell Industries N.V. and Mepol Group announced they have entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland.
Univar Solutions Inc and Apollo announced that funds managed by affiliates of Apollo have entered into a definitive merger agreement to acquire the Company in an all-cash transaction that values the Company at an enterprise value of approximately $8.1 billion.