Huntsman Announces the Acquisition of CVC Thermoset Specialties, Expanding its Specialty Chemicals Portfolio

PR Newswire | March 16, 2020

Huntsman Announces the Acquisition of CVC Thermoset Specialties, Expanding its Specialty Chemicals Portfolio
Huntsman Corporation (NYSE: HUN) today announces its agreement to acquire CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets.  CVC Thermoset Specialties is part of Emerald Performance Materials LLC which is majority owned by affiliates of American Securities LLC. CVC Thermoset Specialties has annual revenues of approximately $115 million with two manufacturing facilities located in Akron, Ohio, and Maple Shade, New Jersey.  Under terms of the agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.  Based on full year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or between approximately 7 to 8 times pro forma for synergies, the lower multiple end being dependent upon normal growth market conditions.

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CHEMICAL TECHNOLOGY

Universal Display Corporation and PPG to Expand Global Production of UniversalPHOLED Materials

PPG Industries | February 25, 2021

Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE:PPG) today announced that UDC Ireland Limited and PPG will jointly establish a new manufacturing site in Shannon, Ireland, for the production of UDC’s highly efficient, high-performing UniversalPHOLED® materials. The new facility will be designed to double the production capacity and diversify the manufacturing base for UDC’s phosphorescent emitters to meet growing organic light emitting diode (OLED) market demand and evolving industry requirements. PPG is the exclusive manufacturer of UDC’s UniversalPHOLED emitter materials, and the two companies recently celebrated their 20-year partnership. UDC has leased the Ireland site with the right to purchase. Until recently, the site was operating as a full-service, active pharmaceutical intermediates manufacturing facility. It will be adapted to manufacture PHOLED emitters and will be operated by PPG. Facility improvements and regulatory approvals are expected to be completed in the next 12 months, and operations are scheduled to commence in early 2022. “We are very pleased to continue to grow and broaden our strong 20-year relationship of producing high-performance OLED materials for Universal Display,” said Michael H. McGarry, PPG Chairman and Chief Executive Officer. “The addition of the Ireland facility helps support the tremendous demand and growth for energy-efficient displays and lighting devices and expands upon our established OLED production facilities, which are located in Monroeville, Pennsylvania, and Barberton, Ohio.” “We are excited to expand the manufacturing footprint for our proprietary state-of-the-art phosphorescent OLED materials with PPG, our strong, long-term partner, as the next step in our globalization strategy,” said Steven V. Abramson, Universal Display Corporation President and Chief Executive Officer. “UDC’s mission centers on enabling our customers and the proliferation of OLEDs in the consumer electronics landscape. We are continuing to enlarge our global presence, while also bolstering our localized on-the-ground capabilities. Following the recent openings of our PHOLED Application Centers in Korea and Hong Kong, our goal is to establish additional local operations to support our customers. Together with PPG’s best-in-class manufacturing expertise, this investment commitment broadens our global capacity, strengthens our business continuity safeguards and enables us to meet the significant growth expected in the OLED industry.” PPG: WE PROTECT AND BEAUTIFY THE WORLD™ At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com. We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc. About Universal Display Corporation Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/. Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

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CHEMICAL MANAGEMENT

Tilley-Phoenix Group Completes the Acquisition of Callahan Chemical

Tilley-Phoenix Group | January 07, 2022

Tilley-Phoenix Group a leading U.S. based specialty ingredients distributor and value-added service provider, and portfolio company of SK Capital Partners announced the acquisition of Callahan Chemical Company a regional distributor of high-quality ingredients and compounds serving a diverse set of end markets including, food and beverage, personal care and cosmetics, pharmaceuticals and nutraceuticals, HI&I and CASE. The acquisition of Callahan aligns with the Company’s vision in creating a specialized, world-class supplier of high-quality ingredients supported by a robust value-added service offering. “We are extremely pleased to complete the acquisition of Callahan Chemical, believing it represents a highly complementary business with shared values and vision as a specialty-focused distributor supported by a strong value-added service foundation. We look forward to partnering with the Callahan team as we enhance the value we bring to existing and new customers,” Jean-Paul Benveniste, President and CEO of Tilley-Phoenix Callahan is a leading regional distributor offering optimized chemical distribution solutions aligned to individual customer requirements. Callahan’s mission is supported by a comprehensive portfolio of value-added services, including regulatory and technical support, custom formulation, in-house laboratory quality assurance and quality control, blending, storage and packaging, and repackaging. Callahan distributes a broad portfolio of products sold into regulated markets, which complement the existing Tilley-Phoenix platform while also expanding the Company’s product offering and market focus with a full-line offering of CASE products. “Since its founding in 1958 by my father James B. Callahan, Callahan Chemical has consistently provided outstanding value to its customers, suppliers, and employees. We are confident that by joining the Tilley-Phoenix Group the opportunity to increase our value-added services will be greatly enhanced,” said John Callahan, CEO of Callahan Chemical. The addition of Callahan to Tilley-Phoenix provides customers with state-of-the-art regulatory and technical support, broader logistics expertise, and an enhanced product offering of value-added ingredients for applications in regulated markets. “Callahan, like Tilley-Phoenix, brings a strong value-added approach to serving its suppliers and customers. The acquisition enhances the platform’s geographic reach, which is particularly compelling for our shared supplier base,” said Sean Tilley, President and COO of Distribution. Looking forward, Tilley-Phoenix plans to continue its pursuit of selective M&A, focused largely on specialty products sold into regulated markets. The Company continues to focus on expanding the value-added platform, seeking targeted opportunities to enhance the value, quality, and breadth of solutions we bring to both customers and suppliers. Callahan represents the third acquisition of 2021 for Tilley-Phoenix. Klehr Harrison LLP acted as legal counsel to Tilley-Phoenix and committed debt financing was led by Madison Capital Funding LLC. About Tilley-Phoenix Group Formed through the merger of Tilley Co. and Phoenix Aromas and Essential Oils, Tilley-Phoenix is a value-added specialty ingredients distributor serving food and beverage, fragrance, personal care and cosmetics, HI&I and pharmaceutical markets. The Company seeks to act as a direct extension of their suppliers’ selling networks to effectively partner and service broader customer networks. Tilley-Phoenix operates modern, efficient global distribution facilities to serve its customers’ just-in-time production needs. The Company offers a comprehensive portfolio of value-added services, including regulatory & technical support, full-service QA/QC laboratory, custom formulation, custom blending & packaging, and specialty storage.

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Q&A With Morgan Gregory Google Cloud Office of the CTO: Strategy & Programs at Google

DECK 7 | April 30, 2020

Morgan Gregory, Google Cloud Office of the CTO: Strategy & Programs at Google runs strategy and programs for Google Cloud's CTO Office, working closely with their senior leaders and technical CXOs of strategic customers on co-innovation and thought leadership initiatives. Morgan has a passion for paradigm-shifting technology and has side hustle in AI. She's particularly interested in AI for Good and Responsible AI - topics that marry her technical background and desire to make a difference.

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MARKET OUTLOOK

Attractive and useful: Ceresana report on the world market for paints and coatings

Ceresana | March 26, 2021

The construction industry currently uses almost half of all paints and coatings that are sold. Large-scale projects for infrastructure or commercial construction are hardly ever directly affected by crises, and the demand for living space continues to grow in densely populated countries. The sales of paints and coatings for industrial products such as vehicles, on the other hand, are heavily dependent on the general economic development. This is the fourth time that Ceresana has published a study on the world market for paints and coatings. In 2019, a total of around 43.3 million tonnes of coatings were sold. Innovative Products with Multiple Benefits In addition to simple, traditional interior and facade paints, more and more coatings with special properties are used in the construction industry. Facade coatings that use the lotus effect, for example, clean themselves in the rain. Other products not only beautify surfaces but can also protect them from rust or contribute to thermal insulation. In hospitals and medical practices, paints and coatings with antibacterial properties are increasingly used to limit the spreading of dangerous germs. Acrylics for the Walls of China Most paints and coatings are consumed in the Asia-Pacific region. This part of the world is expected to further expand its leading position on the world market in the coming years. The second largest sales region last year was North America. Ceresana has also analyzed the demand for individual product types for the current market report: from paints and coatings based on acrylic, vinyl, alkyd, epoxy, polyurethane, or polyester to paints and coatings based on other materials. Acrylic colors were by far the most widely used type of paint in 2019. Vinyl paints took second place. The demand for acrylic paints was highest in Asia-Pacific and North America, followed by Western Europe and South America. Coatings based on acrylic resins are very often used in the construction industry because of their properties: as a wall or facade paint, acrylic resins are extremely light and weather resistant and remain breathable. They are used for exterior facades in conjunction with water-repellent silicone resins. Further applications are coatings of wood, plastic, or metal. Growing Demand for Water-Based Coatings Powder coatings only account for a small segment of the market for paints and coatings while water- and solvent-borne products generate the largest share of demand. Water-based coatings are relatively environmentally friendly thanks to reduced emissions of volatile organic compounds (VOC). They also offer the possibility of recycling in some applications. Waterborne coatings are used for machine and automotive coatings, but also for coatings of wood, plastic, as well as leather and textile. Analysts at Ceresana expect waterborne paints and coatings to achieve the highest average growth rate in the coming years. The Study in Brief: Chapter 1 provides an overview and analysis of the global market for paints and coatings - including forecasts up to 2027: the development of sales, demand and production is illustrated for each region of the world. The market figures on demand are broken down by applications, product types, and technologies. The regional markets for paints and coatings are analyzed, providing data on use in the segments construction, transportation, wood processing, industry products, and other applications. The demand for individual product types is also examined - subdivided into the types acrylic, vinyl, alkyd, epoxy, polyurethane, polyester, other polymers, and other products. In Chapter 2, 16 countries are analyzed in detail: consumption of paints and coatings, export, import, production, and sales. The countries are additionally examined in terms of application areas. The market data on the demand volumes per country are broken down by types of paint and technology: waterborne, solvent-borne, powder coatings, and others. Chapter 3 offers a useful directory of the 112 most important manufacturers of paints and coatings, clearly arranged according to contact data, revenues, profit, product range, production sites, and profile summary. Further information: www.ceresana.com/en/market-studies/industry/paints-coatings-world/ About Ceresana As one of the world's leading market research institutes, Ceresana is specialized in the segments chemicals, plastics, packaging, and industrial goods with a focus on transportation / mobility. Companies have been benefiting from our high-quality industry analyses and forecasts since 2002. More than 200 market studies provide more than 10,000 customers around the world with the knowledge base for their sustainable success. Find more information about Ceresana at www.ceresana.com

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Further concerns arise from the toxic chemicals both contained in the plastics as additives and adsorbed from ambient seawater. Such marine plastics can transport toxic chemicals in marine organisms. Increasing amounts of plastics are entering the oceans on account of increases in production and poor waste management.

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