The acquisition of Icynene-Lapolla is reportedly aligned with Huntsman’s strategy of growing its downstream polyurethanes business.
Huntsman Corp. recently announced that it has completed its acquisition of Icynene-Lapolla, a North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC for $350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.
The acquisition of Icynene-Lapolla is reportedly aligned with Huntsman’s strategy of growing its downstream polyurethanes business. Achieving annual revenues of approximately $230 million, Icynene-Lapolla has two manufacturing facilities (Houston, Texas, and Mississauga, Ontario), where it produces a range of MDI-based SPF formulations and reflective roof coatings.