Huntsman Expands Specialty Chemicals Portfolio with Acquisition of CVC Thermoset Specialties
Under terms of the agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.
Huntsman Corp. recently announced that it has reached an agreement to acquire CVC Thermoset Specialties, which is part of Emerald Performance Materials LLC (majority owned by affiliates of American Securities LLC). CVC Thermoset Specialties has annual revenues of approximately $115 million, with manufacturing facilities located in Akron, Ohio, and Maple Shade, N.J. Under terms of the agreement, Huntsman will pay $300 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. The transaction is expected to close around mid-year.
“The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to our Advanced Materials portfolio and its unique products will make systems using our class-leading epoxy-based materials even tougher, stronger, and more durable,” said Scott Wright, president of Huntsman’s Advanced Materials division. “This business manufactures highly specialized toughening, curing and other additives used in a wide range of composite, adhesive and coatings applications across aerospace, automotive and industrial markets.