2 September 2008
Perstorp, the Swedish chemicals Group, has received legal approval for the takeover of the acquired activities within Rhodia Organics and Lyondell Chimie, which entered Perstorp’s ownership as of September 1.
The acquisition is the sixth in a short period as the Perstorp Group continues its fast growth with sales soaring from SEK 7 billion in 2006 to SEK 16 billion in 2008 (pro forma).
The acquisition increases Perstorp’s sales and operating profit by over 30% and increases its number of employees to 2,700. Perstorp already has production in 11 countries in North and South America, Europe and Asia, and is now gaining two new production plants, one in Le Pont-de-Claix, France, and one in Freeport, Texas, USA.
During 2007 the acquired businesses had sales of around SEK 4.7 billion. They are world leaders in the special chemical products TDI and HDI, which are used in the coatings, auto and furniture industries and represent a strategically important addition to the Perstorp product portfolio. These products are used as hardeners in the coating industry and in foam products in the auto and furniture industries. TDI is used as a crosslink in polyurethane foam and in the production of, among other things, mattresses, fillings and car seats. HDI and its derivatives are used in coatings, elastomers and in applications that require stiff resistance, lightweight and stability in outdoor environments.
The new business will strengthen Perstorp´s existing product portfolio considerably, especially for the coatings industry while providing synergies in sales, production and development. Perstorp and the acquired business share many customers that will now benefit from a stronger product range.
Christophe Gas, who has worked for the Rhodia Group since 1988, will be responsible for the new business.
Perstorp has recently completed a number of key acquisitions, including Solvay’s caprolactones production in the UK and Lonza’s production of isophtalic acid in Singapore. In the UK Perstorp is now investing to double production of caprolactones. Perstorp is planning to build on its recent successful acquisitions with further strategic acquisitions and through continued organic and innovation-driven growth.
Handelsbanken has been Perstorp’s advisor during the acquisition.