Solvay has agreed to sell its Formulated Resins business to ALTANA AG’s ELANTAS PDG Inc. Under the
agreement, Solvay’s global business unit
Technology Solutions will divest the business
line which generated sales of $20M in 2015.
The divestment includes the Formulated
Resins product portfolio, the manufacturing
and R&D facility based in Olean, New York
USA, and all associated technical, commercial
and administrative staff.
The Formulated Resins portfolio mainly
entails the CONAP brand epoxy resin and
polyurethane product systems and serves
electronics, electrical and specialty adhesives markets. Completion of the transaction is subject to customary closing
conditions, including antitrust approvals,
and is expected in the first half of 2017.
Vencorex Adds New
Production Capacities for
HDI Monomer
Vencorex has announced the completion of its industrial projects that include
expansion of the monomer (HDI and
IPDI) capacity in France (Pont de Claix
site), a new derivatives unit, Tolonate, in
Thailand (Rayong plant) and a new waterborne derivatives, Easaqua, production
chain in the U.S. (Texas, Freeport site).
“Vencorex teams have been fully com-
mitted to these industrial projects and de-
livered on expected targets. The sales and
marketing teams are now focusing to serve
the market with capacity that follows the
growth demand of our customers,” said
Xavier Fournier, Vencorex CEO.
The completion of major product
expansions will allow the company to
become a truly global company with a
very strong monomer integration. The
value chain will be even further enhanced
in months to come when the company
completes another project on the modernization of the electrolysis chlorine
production in France. With this strong
foundation established, Vencorex will be
in the position to invest further in derivative line expansions where we see growth.
Along with the production assets, other
enablers will also be greatly enhanced
including marketing and sales, as well as
R&D infrastructures.
CATHAY Completes
Acquisition of Hoover Color
CATHAY Industries has announced the
successful completion of the Hoover
Color Corporation acquisition.
CATHAY INDUSTRIES global chief
executive Terence Yu announced the
closing of the deal, following normal
regulatory approvals. “The acquisi-
tion reinforces CATHAY’s global com-
mitment and sustainable position as a
leading manufacturer of performance
pigments with a unique and diverse
offering for the paints and coatings in-
dustries,” said Yu.
“I want to thank Charles Hoover,
president of Hoover Color Corporation,
for his leadership during the transition
and for his role in helping bring our com-
panies together. Our immediate focus will
be to combine our leading inorganic, in-
novative technology on Low Viscosity
Yellows, High Chroma Reds and Heat
Stable Yellows with the market leading
natural occurring Umber’s and unique
eco-friendly Transparent Iron Oxides
from the Hoover Color Corp,” said Yu.
Hoover has joined the executive team
at CATHAY INDUSTRIES and will lead
the sales and marketing of the Coating
portfolio in the Americas and will also
continue in his role as president of the
Hoover Color newly formed division of
CATHAY INDUSTRIES.
Hoover Color Corporation markets
its natural and blended iron oxide pig-
ments as well as their resale products
through a network of regional distribu-
tors and agents. These distributors rep-
resent Hoover Color Corporation, along
with other manufacturers, in order to
offer their regional customers a wide
variety of raw materials supplied from
a local distribution point. Many of its
distributors carry lines of raw materials
focused toward the paint, coatings and
plastics markets. CW
Solvay Sells Formulated
Resins Business to ALTANA AG
