8 July 2008
Specialty chemicals company Perstorp follows up its recent rapid expansion with the acquisition of the specialty chemicals operation from Rhodia Organics and Lyondell Chimie TDI SCA, a LyondellBasell subsidiary, including the production of TDI, HDI and HDI derivatives*. These products are used as hardeners in the coating industry and as intermediates in foam related products in the automotive and furniture industries. The acquisition gives Perstorp an outstanding product portfolio in particular for the coating industry while it creates cross-fertilization opportunities within sales, operation and R&D.
Bo Dankis, President and CEO of Perstorp, comments: “The acquisition of Rhodia’s and Lyondell Chimie TDI SCA’s operations adds more than 30 percent to both sales and operating profit, giving us critical volume and placing us among Europe’s leading specialty chemicals companies. Following a number of successful acquisitions in recent years, we will continue to strengthen our market position through strategic acquisitions combined with organic, innovation-driven growth.”
The acquired operations have a total of approximately 700 employees and production facilities in Pont-de-Claix in France and Freeport in Texas, US. In 2007 the operations generated sales of approx. EUR 500 million. The acquired operation is a world leader within specialty chemical products TDI and HDI for the coatings, automotive and furniture industries.
Bo Dankis continues: “I am very pleased to announce this strategic addition of TDI and HDI to our portfolio. The unit will become one of our largest, complementing our offering and giving us an outstanding product portfolio for the coating industry while providing us with significant cross-fertilization potential within R&D and sales. We share many customers who will benefit from the strengthened offering. We are particularly impressed by the technical capabilities and highly qualified employees we will now access. Our commitment to the sites in both Pont-de-Claix and Freeport is long-term.”
The completion of the acquisition is subject to regulatory approvals.
Perstorp has recently completed a number of significant acquisitions, including Solvay’s caprolactone operation in the UK and Lonza’s PIA (purified isophthalic acid) operation in Singapore. In the UK Perstorp is now investing in order to double the capacity of caprolactones.
Perstorp was advised by Handelsbanken in this acquisition.
*TDI is used as a crosslinker in Polyurethane Foams, in the production of products such as mattress, paddings and car seats. HDI and its derivatives are used in coatings, and elastomers, in applications requiring abrasive resistance, excellent light and outdoor stability.