Chemicals producer Huntsman (The Woodlands, Texas / USA; www.huntsman.com) is to acquire speciality chemicals producer CVC Thermoset Specialties (www.cvcthermoset.com) from Emerald Performance Materials (Cuyahoga Falls, Ohio / USA; www.emeraldmaterials.com) for USD 300m (EUR 269m). The transaction is expected to close around mid-2020.

CVC Thermoset Specialties manufactures toughening and curing additives used in composite, adhesive and coatings applications in aerospace, automotive and industrial markets. It has annual revenues of approximately USD 115m and two manufacturing facilities in the US, located in Akron, Ohio, and Maple Shade, New Jersey.

Scott Wright, president of Huntsman’s advanced materials division, said the acquisition brings complementary technology breadth to the company’s advanced materials portfolio, and the products “will make systems using our class-leading epoxy-based materials even tougher, stronger, and more durable.” In addition to strengthening Huntsman’s position in North America, the company will use its existing assets and routes to market in Europe and Asia to grow the new product range, he added.

CEO Peter Huntsman said, “This bolt-on fits all the criteria we look for in acquisitions for our advanced materials division, including new technology, synergies and globalisation opportunities. The business currently achieves EBITDA margins in excess of 25%, and we expect to achieve significant synergies within two years.” He added that in these uncertain times, Huntsman’s financial strength will allow it to continue to look for these types of acquisitions.

The company said its contribution to the fight against the coronavirus includes the production of approximately 50 t of hand sanitiser at its manufacturing site in Monthey / Switzerland, to donate free of charge to hospitals and pharmacies in the country. The first shipment of 5 t is expected to be delivered immediately, and more production is planned to ensure a stable supply of between 3 t and 5 t per week as required to help safeguard medical staff, patients and the public. Several other chemical producers are also making hand sanitisers to address the global surge in demand – see Plasteurope.com of 27.03.2020.

Huntsman has also contributed its chemical products to the fight against the virus in China. It donated MDI for the manufacture of prefabricated polyurethane insulation panels for hospital construction as well as polyester polyols to manufacture personal protective equipment for medical personnel.