Readers last week were most interested in Huntsman’s plan to acquire Gabriel Performance Products (Huntsman to Acquire Gabriel Performance Products): “Huntsman Corp. recently announced its agreement to acquire Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end markets, from funds owned by Audax Private Equity. Under the terms of the agreement, Huntsman will pay $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.
“Gabriel had 2019 revenues of approximately $106 million with three manufacturing facilities located in Ashtabula, Ohio; Harrison City, Pa.; and Rock Hill, S.C. Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately eight times pro forma for synergies. The transaction is expected to close in the first quarter of 2021 after regulatory approvals.
“‘The acquisition of Gabriel Performance Products broadens the offering in our specialty portfolio and is complementary to our recent acquisition of CVC Thermoset Specialties,’ said Scott Wright, president of Huntsman’s Advanced Materials division. ‘Gabriel makes highly specialized toughening and curing agents and other additives used in a wide range of composite, adhesive and coatings applications. We expect that the Gabriel business will strengthen…’”
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Top 5 News that Sticks for December 13-19
Huntsman to Acquire Gabriel Performance Products
#5 last week
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- Univar Solutions to Acquire Zhuhai Techi Chem
- Fedrigoni Acquires Mexico-Based Industrial Papelera Venus
- Lee Named Addipel Plant Manager
This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.