Polynt Group and Reichhold Group today announced a definitive agreement to effect the combination of the two businesses.
The business combination is expected to create a leading global, vertically-integrated manufacturer of resins for composites and coatings and of other specialized chemicals, including intermediates, plasticizers, additives and compounds.
Currently, Polynt is wholly-owned by funds managed by Investindustrial, and Reichhold is owned by a group of investors, including funds managed by Black Diamond Capital Management, LLC. Black Diamond and Investindustrial intend to become equal investors and, collectively, majority stakeholders in the combined business. The transaction is subject to requisite regulatory approvals and customary closing conditions, and is expected to be completed in the second half of 2016.
“This compelling deal is expected to result in significant synergy opportunities and will enable our combined businesses to be more competitive, offer better services and more innovative solutions to our customers. It will allow us to respond more effectively to evolving industry dynamics and customer needs. With increased scale and product diversity, we can deploy a larger portfolio of products and provide more comprehensive offerings to benefit our collective customers. This combination brings together two strong businesses and positions us to succeed in a dynamic and highly competitive global marketplace,” said John S. Gaither, President and CEO, Reichhold.
“Our aim to better serve our stakeholders and customers will be further strengthened by the combination of two industry leaders, historically devoted to innovation and customer orientation. Our people are always committed to improve their performance and knowledge for the benefit and growth of our industry. We welcome the opportunity to leverage the potential of the new group,” adds Rosario Valido, President and CEO of Polynt.
Source: Reichhold
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