As we headed in to 2020, merger and acquisition (M&A) activity in chemicals and materials was humming along at near-historical levels. High valuations did not seem to deter buyers, with private equity (PE) firms clamoring to place capital and strategic buyers motivated for acquisitions to bolster their growth and help justify their high stock prices. Deal making was in full swing, and it truly was a “seller’s” market. Everyone expected 2020 to be another banner year for M&A.
The emergence of COVID-19 in early 2020 was a “black swan” event that virtually no one could have predicted, and the pandemic that followed (and continues at the time of this writing) will undoubtedly alter the course of history. As COVID-19 began sweeping across the U.S. and the world, major chemical companies quickly placed priority on maintaining employee health and safety and on ensuring operational continuity.