Accella to Buy Covestro Spray Foam Business
Accella agrees to purchase spray polyurethane foam business from Covestro
Expands core product and technology offering in spray polyurethane foam insulation and roofing markets
- LOUIS, MO, February 22, 2017 – Accella Polyurethane Systems LLC (“Accella”) has agreed to purchase certain assets of the North American spray polyurethane foam (SPF) business located in Spring, TX, from Covestro LLC. The sale is scheduled to be completed in the second quarter of 2017. Financial terms have not been disclosed.
“This acquisition will significantly improve Accella’s position in the spray polyurethane foam market and is another strategic step with our positive track record combining the best polyurethane based companies in the industry. The addition of a well-rounded product technology portfolio and a team of highly regarded industry experts will highly complement our current spray polyurethane foam business,” said Andy Harris, president and CEO of Accella. “Moving forward, Accella intends to focus on investing in and growing our spray foam business to meet the needs of our valued customers with the best people, products and service in the industry.”
Chris Brink, Accella’s VP of Polyurethane Systems, added “SPF is a very important area of business for our company with the value it brings to society. We will continue to raise the position of SPF as the preferred insulation choice in modern residential and commercial construction.”
John Televantos, Partner at Arsenal Capital, said, “This combination further strengthens Accella’s position as the leading independent polyurethane systems house in North America, and will enhance the value Accella brings to market with expanded technology, leading brands and great people. We are committed to support the ongoing growth of Accella and invest in strategies that will further transform the business.”
The Covestro Spring, TX facility includes both commercial and production operations, serving North America as a leading producer of spray polyurethane foam, which is used as insulation and roofing in the construction of commercial buildings and residential homes. The roughly 40 Covestro employees at the Spring facility will make a great fit with the Accella team. Operations will continue at the current facility with “business as usual” for a smooth transition for all customers.
“The accomplishments of Covestro’s spray polyurethane foam team cannot be overstated. Both technically and commercially, their contributions have helped grow spray polyurethane foam as a technology in the construction market,” said Jerry MacCleary, president of Covestro LLC. “This divestiture will allow us to focus on our core business while ensuring our spray polyurethane foam employees can continue to shape the industry as a part of Accella.”« Previous Post Next Post »