CHEMICAL TECHNOLOGY
Azoty Grupa, Celanese | June 24, 2021
After it decided to cease its POM production, the Celanese Corporation, a global manufacturer of chemical and specialized materials, announced the acquisition by Grupa Azoty S.A. of Tarnow, Poland, of certain technologies polyacetal (POM) production products.
To serve Azoty's clients, Celanese will accept all current contracts with Tarnoform. This transaction does not involve Azoty employees, physical assets, manufacturing facilities, or sales offices, except for certain equipment transferred in connection with the transfer of intellectual property.
Tom Kelly, Senior Vice President Engineered Materials, Celanese, said, "This transaction will enable Celanese to service Celanese assets with customers of Azoty, enabling Celanese both an additional volume opportunity for Celanese, as well as accessing a POM customer base and the proven POM technology. "We continue to take the strategic measures necessary, such as this client and the product acquisition, to drive the ongoing success," Kelly concluded. "Our materials business for Celanese is a key growth engine.
It is expected that the transaction will complete in early July 2021.
About Azoty Grupa
The Group is the undisputed market leader on the domestic fertilizer market and a significant participant in Europe's fertilizer and chemical sector. It is the second biggest nitrogen and compound fertilizer producer in the European Union, besides having an important market position in melamine, caprolactam, polyamide, oxo alcohol, plasticizers, and titanium white.
AboutCelanese
Celanese Corporation is a global chemical leader in the production of outstanding chemistry solutions and unique materials for most major industries and consumer applications. Our companies utilize the entire scope of the worldwide chemical, technological and commercial capabilities of Celanese to generate value for our customers, employees, shareholders, and the business. As we work with our clients to meet their most important business requirements, we work through the Celanese Foundation to positively affect our communities and the world. Celanese employed about 7,700 people globally and had $5.7 billion in net revenues in 2020, based in Dallas.
Read More
CHEMICAL MANAGEMENT
Element Solutions Inc, Coventya | June 14, 2021
Element Solutions Inc., a global and diversified specialty chemicals company, announced today that it had made a binding offer to acquire Coventya Holding SAS, a global provider of specialty chemicals for the surface finishing industry. Under the terms of the offer, Element Solutions will pay approximately €420 million in cash, including the assumption or repayment of the debt, subject to certain adjustments. The transaction is expected to close in late Q3 or Q4 2021, subject to receipt of certain regulatory approvals, completion of required employee consultation procedures, and other customary closing conditions. Upon closing the transaction, Coventya will join MacDermid Enthone Industrial Solutions and will be reported within the Company’s Industrial & Specialty segment.
Coventya is a global specialist in developing metal finishing chemical technologies with various solutions that provide decorative and functional coatings for industrial end markets in over 60 countries. The business has manufacturing facilities in Asia, Europe, and the Americas, and its products serve customers globally across automotive, fashion, construction, electronic, consumer goods, energy, and aerospace/military end-markets. Coventya is expected to generate annual sales of approximately €160 million and adjusted EBITDA of more significant than €30 million for its fiscal year 2021, ending in September. On a pro forma basis, after giving effect to expected annualized synergies, the proposed purchase price represents less than 10x Coventya’s projected fiscal year 2021 adjusted EBITDA.
About Element Solutions Inc
Element Solutions Inc is a leading specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers’ manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, consumer packaging, and offshore energy.
About Coventya
Coventya is an international company that develops, manufactures, and distributes specialty chemicals for the surface finishing industry in over five continents and 60 countries. With a rich and diverse history dating back to 1927, Coventya is considered a global market leader in innovation and customer support.
Read More
CHEMICAL MANAGEMENT
KPX Chemicals& Huntsman | September 28, 2021
KPX Chemical, a leading polyols producer for polyurethanes in Korea, and Huntsman Corporation , a world-leading MDI-based polyurethanes and specialty chemical manufacturer, today announced the establishment of a joint venture named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD. The joint venture will create and provide innovative polyurethane system solutions to Korean automakers from a specialty polyurethanes manufacturing facility at KPX Chemical's Ulsan plant. Operations are expected to commence by the end of October.
The Korean automotive industry is undergoing profound changes and presents new opportunities for high performance and light weight polyurethane system solutions. The new joint venture will accelerate growth in this sector by providing sustainable innovations and a high level of technical service support to its customers. KPX Chemical will leverage its 47-years' experience in polyol technology and know-how by combining it with Huntsman's proven ability to develop high performance, differentiated, MDI-based automotive solutions for vehicle manufacturers and its fully integrated global supply chain.
"We are delighted to join forces with KPX Chemical. Korea is one of Huntsman's key markets in Asia and driving continued business growth in the automotive industry is a priority for us. The new joint venture will create and provide customized polyurethane systems solutions to meet local automotive customers' needs for improved comfort, superior acoustics and light-weighting. By creating value for its customers, KHPUA will enable downstream polyurethanes businesses to develop in a more sustainable way, both economically and environmentally."
-Tony Hankins, President of Huntsman's Polyurethanes division and CEO of Huntsman Asia Pacific,
Kim Moon-young, President of KPX Chemical, said: "This cooperation is of great strategic significance to both parties. Together, under the banner of KHPUA, we will leverage the R&D and capacity advantages of KPX Chemical and Huntsman in the region to become the industry's preferred innovation partner. It is an exciting time to be creating a new venture and we look forward to working with key players in the region to meet growing demand for autonomous vehicles and electric transport solutions that can support the country's carbon neutrality ambitions."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately $6 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions.
Read More