Huntsman Announces Acquisition of Specialty Chemicals Manufacturer Gabriel Performance Products

Huntsman Corporation today reported its consent to secure Gabriel Performance Products, a North American forte substance maker of strength added substances and epoxy restoring specialists for the coatings, glues, sealants and composite end-markets, from reserves claimed by Audax Private Equity.

Under terms of the arrangement, Huntsman will pay $250 million, subject to standard shutting changes, in an all-money exchange subsidized from accessible liquidity. Gabriel had 2019 incomes of around $106 million with three assembling offices situated in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina. In light of schedule year 2019, the price tag speaks to a changed EBITDA different of roughly multiple times, or around multiple times professional forma for cooperative energies. The exchange is required to shut in the main quarter of 2021 after administrative endorsements.

Remarking on the obtaining, Scott Wright, President of Huntsman's Advanced Materials division, stated: "The procurement of Gabriel Performance Products expands the contribution in our strength portfolio and is reciprocal to our ongoing securing of CVC Thermoset Specialties. Gabriel makes exceptionally specific hardening and restoring specialists and different added substances utilized in a wide scope of composite, glue and coatings applications. We expect that the Gabriel business will fortify our North America impression and give critical business collaborations as we grow and globalize their claim to fame items over our worldwide impression and client base. The securing will additionally upgrade our intensity and our top notch definitions business by improving our capacity to make separation in our clients' applications."

Peter Huntsman, Chairman, President and CEO further remarked: "With this obtaining we finish up a progression of vital activities in our Advanced Materials division we began in 2019 preceding the COVID-19 pandemic. Our underlying goal was to finished the acquisitions of Gabriel and CVC all the while, along with the divestiture of our India DIY business recently. Regardless of the difficulties made by COVID, I am satisfied that we have just shut on two of the exchanges and mean to close on the obtaining of Gabriel inside the principal quarter of 2021. We have altogether reinforced our Advanced Material's portfolio and widened our contributions to the market. In light of 2019 outcomes, when netting the three exchanges together, we are adding around $57 million of changed EBITDA professional forma for cooperative energies to our Advanced Materials division, for under multiple times EBITDA."