Huntsman Group announced yesterday that it has completed the acquisition of CVC Thermosetting Specialty Materials. CVC Thermosetting Specialty Materials is a North American specialty chemicals manufacturer that mainly serves the industrial composites, adhesives, and coatings markets. Huntsman acquired the company from Emerald Performance Materials LLC, a holding subsidiary of American Securities, for approximately $ 300 million. The purchase price can be adjusted based on changes in working capital and debt. The acquisition is an all-cash transaction, and the source of funds is the company's working capital.
CVC thermosetting special materials company specializes in the production of toughening agents, curing agents and other additives, and the products are widely used in various fields. Huntsman's acquisition of the company is fully in line with its strategy to develop a special product portfolio in the Advanced Materials Division. CVC Thermoset Specialty Materials has annual revenues of approximately $ 115 million and has two plants in Akron, Ohio and Maple Leaf, New Jersey.
Scott Wright, President of Huntsman's Advanced Materials Division, said: "CVC's products can exhibit excellent performance even in harsh environments, including durability, flexibility, chemical resistance, crack resistance and impact resistance. These products can make cars, airplanes, infrastructure and electronic products lighter in weight, more powerful and longer-lived. This acquisition will not only consolidate the position of the Advanced Materials Division in the North American market, but also bring us the need Products and technologies. We intend to use existing assets in Europe and Asia to rapidly improve these products and technologies, and use marketing channels around the world for global sales. We expect to achieve annual synergies of approximately US $ 15 million within two years. "
Chairman, President and CEO Peter Huntsman added: "This acquisition has brought us unique technology, increased cost efficiency, expanded our customer base, and created greater shareholder value. We will continue Expand business through such transactions. "