Henkel Completes Acquisition Of Sovereign Specialty Chemicals
Henkel Corp., a U.S. affiliate of Henkel KgaA, successfully completed its acquisition of Sovereign Specialty Chemicals, Inc. on Dec. 27, 2004. The transaction value of the acquisition has been approximated at $575 million. "The acquisition of Sovereign Specialty Chemicals provides Henkel in North America with a substantial and growing business in the craftsmen and DIY adhesives and sealants market, and complements the industrial segment in an ideal way," said Ulrich Lehner, chairman of the Management Board of Henkel KgaA. "We now hold a strong number two position in both segments in the U.S. market."