Saint-Gobain (Courbevoie, France) has entered into an agreement to acquire Chryso, a leading global player in the construction chemicals market providing differentiated and innovative solutions, from funds advised by Cinven, the international private equity firm.
Chryso provides comprehensive additives solutions for sustainable construction, relying on innovative chemistry, formulation expertise, and knowledge of construction materials. The company employs about 1,300 employees and generated over the last twelve months revenues of approximately €400million and an EBITDA of €85million.
The acquisition of Chryso perfectly fits within Saint-Gobain’s strategic vision of worldwide leadership for sustainable construction. It will further expand the Group’s presence in the growing construction chemicals market with combined sales of more than €3 billion across 66 countries. The enterprise value of €1.020 million represents a multiple of 12.0x Chryso’s last twelve months EBITDA of €85 million and a multiple of 7.6x post run-rate synergies of €50 million in year 5. Saint-Gobain will fully finance the acquisition using the proceeds from divestments made by the Group.
Following completion of the information and consultation procedure with the employees’ representative bodies, and subject to the approval of the relevant competition authorities, this acquisition is expected to be finalized in the second half of 2021.
By Mary Page Bailey
Source: chemengonline.com
Aseptic carton packaging manufacturer SIG has announced it is investing €12 million in a new pilot plant, which will be part of the company’s new Tech Center Europe. The pilot plant will offer modern extrusion and finishing technology, advanced quality measurement systems and testing equipment.
Johnson Matthey has teamed up with waste-to-chemical technologies company MyRechemical to commercially develop waste-to-methanol technology, with the aim of contributing to sustainability.
Upon completion of the project, Kinder Morgan’s Harvey, Louisiana facility will serve as the primary hub where Neste will store a variety of raw materials including, for example, the used cooking oil it collects from more than 40,000 restaurants across the United States.
