from both existing cash resources and utilization of additional credit facilities. The
acquisition is expected to complete during the summer 2016 following receipt of
regulatory approvals and satisfaction of
other closing conditions.
Hexion PAC develops, manufactures
and markets a wide array of dispersions,
additives, powder coatings and speciality
monomers, supplying a global customer
base across a broad range of end-use including coatings, adhesives and for building and construction applications. The
business employs approximately 750
employees and operates 7 sites across
Europe, the U.S. and Asia.
The acquisition of HEXION PAC significantly strengthens Synthomer’s position in the performance adhesives and
coatings market, offering access to new
product technologies, customers and
markets. HEXION PAC is also highly
complementary to Synthomer’s existing
business both geographically and in the
markets in which it operates. Following
completion, the Group will have a stronger platform from which to continue
its growth aspirations in the Speciality
Coatings market. Synthomer expects to
achieve approximately $12 million of annualized synergies by end 2018 through
the integration of HEXION PAC’s businesses. The estimated costs to achieve the
synergies are $9 million of restructuring
costs and $12 million of capital costs.
Siegwerk Acquires ACTEGA
Colorchemie from the
ALTANA Group
Siegwerk Druckfarben AG & Co. KGaA
has signed a contract to purchase the
printing ink manufacturer ACTEGA
Colorchemie GmbH and its subsidiaries. The latter company, which belongs
to ALTANA’s ACTEGA Coatings &
Sealants division, develops and manufactures water-based flexo printing inks,
particularly for printing on corrugated
board packaging.
“We are pleased that with Siegwerk we
have found a new owner for Colorchemie
that can integrate this business in a sig-
nificantly larger structure and thus ad-
vance it on the market,” said Dr. Roland
Peter, President of ACTEGA Coatings &
Sealants. “In the future, we will concen-
trate even more on special solutions for
the packaging industry, with which we
can occupy leading positions.”
By acquiring ACTEGA Colorchemie,
Siegwerk is once again expanding its
packaging printing offer. The aim is to
bundle the strengths of the two compa-
nies and to bring together their techno-
logical competence and strong service
orientation. By integrating the products
of ACTEGA Colorchemie into its portfo-
lio, the global printing ink manufacturer
can target the needs of its customers even
more effectively.
ACTEGA Colorchemie sells its products in numerous European countries.
The company employs around 140
people at four sites in Germany, France,
Austria, and Poland. It is headquartered
in Büdingen in the German state of Hesse.
The transaction is subject to approval by
the competition authorities. Until the deal
is consummated, Siegwerk and ACTEGA
Colorchemie will remain independent
from one another with no consequences
for customers, employees, and suppliers.
BASF Reaches Milestone
in Global Development of
New Fungicide Revysol
BASF has submitted the regulatory dossier for a new active ingredient, Revysol,
to the European Union (EU). The proprietary compound is expected to be the
company’s new blockbuster fungicide
from the chemical class of triazoles (SBI).
Extensive research has shown its outstanding biological performance against
a range of difficult to control pathogens.
Revysol’s submission for registration in
the EU marks a key milestone towards
the compound’s global registration in
row and specialty crops.
Kolon Plastics, BASF to set
up JV for Production of
Polyoxymethylene in Korea
Kolon Plastics and BASF have signed an
agreement to establish a joint venture in
Korea to manufacture polyoxymethylene
(POM), an engineering plastic used in
industrial, transportation, construction
and consumer markets. The 50: 50 joint
venture named “Kolon BASF innoPOM,
Inc.” will have an annual capac-
ity of 70,000 metric tons. It will
be located at the existing manu-
facturing site of Kolon Plastics
in Gimcheon, Korea, which already in-
cludes a POM production. The start of
operation is scheduled for the second
half of 2018 creating in total the world’s
largest complex for the production of
POM. Both companies have long-term
experience in POM production and
will use Kolon’s highly efficient produc-
tion technology to provide best-in-class
product quality.
“In the new joint venture the strengths
of each company will be reinforced enhancing our overall competitiveness.
Kolon Plastics’ globally leading technology and the efficiencies of the existing
infrastructure will generate significant
synergies. We are looking forward to this
joint venture that may lead to further opportunities for cooperation,” said Hee
Goo Jang, CEO of Kolon Plastics.
The products are to be marketed
around the world separately by the two
companies under their respective trade
names and proprietary formulations.
“Kolon and BASF have had an excellent business relationship for many
years,” said Raimar Jahn, president of
BASF’s Performance Materials division. “The markets for POM are growing around the world. Particularly in
Asia the joint venture will strengthen
our ability to support our customers with high-performing, innovative
specialties.” Following the start-up of
the new plant in Korea in the second
half of 2018, BASF will discontinue
production of POM in Ludwigshafen.
Polyoxymethylene resins are engineering plastics used in complex and
highly durable components. Their high
strength and resilience, friction performance and chemical resistance enable a
broad range of applications used in automotive manufacturing as well as for
electric and electronic goods, consumer
goods, medical products and construction. Kolon markets its POM product
line under the trade name Kocetal.
BASF offers POM products for a wide
range of applications under the trade
name Ultraform. CW
