Industry News (Week of 8/27/07)
August 27, 2007
HENKEL SIGNS BACK-TO-BACK AGREEMENT WITH AKZO NOBELHenkel has reached an agreement with Akzo Nobel on the value of a back-to-back transaction. The transaction envisages that Henkel will acquire the adhesives and electronic materials businesses of National Starch, a subsidiary company of ICI. The agreed transaction value is 2.7 billion GBP (close to 4 billion euros). The signing of the back-to-back agreement is still subject to the approval of the Henkel Shareholders’ Committee. The transaction is conditional on the successful completion of the takeover of ICI by Akzo Nobel.
“With this agreement, we have taken a major step towards the successful conclusion of the planned acquisition,” says Ulrich Lehner, chairman of the Management Board of Henkel. “We consider the agreed transaction value to be a fair price, since the new businesses are exceptionally complementary to our portfolio. Moreover, we expect significant synergies and a substantial improvement of our growth and profit prospects to arise from the planned combination.”
For more information, visit www.henkel.com/cps/rde/xchg/henkel_com/hs.xsl/12169_12535_COE_HTML.htm .
INTELICOAT TECHNOLOGIES ANNOUNCES SALE OF ELECTRONIC AND ENGINEERED FILMS BUSINESS UNITInteliCoat Technologies, (“InteliCoat”), a global leader in the manufacture of coated paper, film, and specialty substrates for imaging, medical, optical and electronic technologies, today announced that InteliCoat has sold its Electronic and Engineered Films (EEF) business unit to Exopack Holding, Inc. (“Exopack”), a leading North American flexible packaging converter and provider of paper and plastic packaging solutions for the food, industrial, and medical industries. Both InteliCoat and Exopack are affiliates of Sun Capital Partners, a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. Terms of the transaction were not disclosed.
This new acquisition by Exopack will be renamed Exopack Advanced CoatingsTM and will maintain its operations in Matthews, NC and North Wales in the United Kingdom. They will continue to develop and manufacture coated and/or laminated substrates for applications in printed wiring boards, flexible circuits, optical films for displays, high temperature, conductive and shielding tapes, components for wound dressings and ostomy products. Product brands include: Technilith® Duratool® for photo imagable films, and artwork protect films; inspireTM for medical films and foams; StratFX® for optical, and Reflex® for membrane touch switch applications.
Exopack Advanced Coatings will provide Exopack a gateway into new markets, as well as its first owned and managed facility in Europe. “We are very excited about this opportunity to expand our products and capabilities portfolio and strengthen the presence of the Exopack brand in the global marketplace,” said Exopack President and CEO Jack Knott.
For more information, visit www.InteliCoat.com.