Sector News

Nouryon files registration for US public offering

September 5, 2021
Chemical Value Chain

Nouryon (Amsterdam, Netherlands) has filed with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its shares. The timing and price range for the proposed offering have not yet been determined, the company says.

Nouryon is the former chemicals business of AkzoNobel, which was acquired for $10.1 billion by private equity firm The Carlyle Group and GIC (Singapore) in October 2018.

Nouryon posted 2020 revenue of $4.2 billion with adjusted EBITDA of $970 million, according to a company fact sheet. It has approximately 7,900 employees with production in 18 countries.

The portfolio includes cellulosics, organic peroxides, bleaching chemicals, specialty polymers, expandable microspheres, and surfactants. Key end markets include personal care, cleaning goods, paints and coatings, agriculture and food, pharmaceuticals, and building products.

In July, Nouryon completed the spin-out of its base chemicals business Nobian (Amersfoort, Netherlands)—which includes salt, chlor-alkali, and chloromethanes—into a separate company that remains under the ownership of The Carlyle Group and GIC (Singapore). Nouryon repaid €1.5 billion ($1.8 billion) of debt with the proceeds of a completed external financing by Nobian, as part of the spin-out transaction.

The Nouryon filing was made on a confidential basis, which allows the SEC to review the draft registration statement and related revisions on a nonpublic basis before an eventual public filing in advance of an investor roadshow or public offering of shares. Nouryon expects to use the proceeds of the offering for general corporate purposes that may include the repayment of debt. The IPO is expected to commence after the SEC completes its review process, subject to market and other conditions, Nouryon says.

By Sotirios Frantzanas

Source: chemweek.com

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.