Company News
January 21, 2020
Covestro Pauses MDI Project
Covestro to pause MDI investment project in Baytown, Texas
To our valued customer:Due to challenging global market conditions, Covestro has decided to delay further work on the MDI plant expansion in Baytown, Texas. The investment project, known as MDI-500, will be paused for a period of 18 to 24 months. We recognize the significance of this announcement, which is why we wanted you to hear it directly from us.
Please be assured that this is a pause – not a cancellation. Covestro remains firmly committed to its customers and to the long-term growth potential of the MDI market. By leveraging our global supply network, we will continue to provide our customers with reliable MDI supply.Our long-term growth strategy has not changed. We remain committed to Baytown as the ideal location to further expand our MDI production capacities in North America. For that reason, we will be prepared to resume the project at the appropriate time.
In the meantime, please know that we truly value your business and are committed to meeting your needs through reliable supply, high-quality product and best-in-class support.
We welcome the opportunity to discuss this topic further with you and address any questions or concerns. You can expect to hear from us shortly.
Sincerely,Christine Bryant
SVP, Polyurethanes – North America
Covestro LLC
January 15, 2020
Palmer Holland Converts to ESOP
Palmer Holland Converts to Employee Stock Ownership Plan
Commitment to Employees, Principals and Independence Leads Company to Evolve
Cleveland, Ohio, Jan. 10, 2020 — Palmer Holland, a North American specialty chemical and ingredient distributor of raw materials, converted to a privately held Employee Stock Ownership Plan (ESOP) with an ownership team made entirely of employees.
While Palmer Holland was a private company prior to the transition, this move solidified the organization’s goal to remain an independent specialty chemical and ingredient distributor for the long term. While others in the sector have sold to multinational, publicly-traded companies or reorganized, Palmer Holland has doubled down on the model, its people and its independence.
An ESOP, similar to a profit-sharing plan, lets a company set up a trust fund and contribute new shares of its stock as a retirement benefit to employees. This change will make Palmer Holland more independent and even more dependable in order to further live up to its commitment to customer excellence and unique commercial offerings to global chemical manufacturers.
“The conversion to an ESOP allows Palmer Holland to benefit employees and principals, live up to our core values in excellence, and evolve and grow,” said Bryn Irvine, CEO. “It has always been our goal to remain independent even in this climate where others are selling. Our ESOP allows us to retain our culture and unparalleled way of doing business.”
The move to an ESOP will not change day-to-day function and visibility in relationships with current customers or principals. This is not a new management or organizational structure; the only change is that its partners now get to connect with owners at every interaction.
The ESOP structure also provides another tool in recruiting and retaining top talent and adds a significant component to the employee benefit plan.
For more information about Palmer Holland, please visit palmerholland.com.
About Palmer Holland
Established in 1925 as Palmer Supplies Company, today Palmer Holland is a North American specialty chemical and ingredient distributor of raw materials headquartered in Cleveland, Ohio with over 40 account managers and ingredient consultants stationed throughout the United States and Canada. Palmer Holland is a private, employee-owned company which allows us greater flexibility in the marketplace and a dedicated platform for long-term success. This flexibility enables Palmer Holland to provide our customers and principals with the most effective and efficient solutions. These partners are rooted in the areas of Agriculture, CASE (coatings, adhesives, sealants, elastomers), Health and Nutrition, Lubricants and Plastics. For more information about Palmer Holland, visit our website at www.palmerholland.com.
https://news.thomasnet.com/companystory/palmer-holland-converts-to-employee-stock-ownership-plan-40032862
January 15, 2020
Palmer Holland Converts to ESOP
Palmer Holland Converts to Employee Stock Ownership Plan
Commitment to Employees, Principals and Independence Leads Company to Evolve
Cleveland, Ohio, Jan. 10, 2020 — Palmer Holland, a North American specialty chemical and ingredient distributor of raw materials, converted to a privately held Employee Stock Ownership Plan (ESOP) with an ownership team made entirely of employees.
While Palmer Holland was a private company prior to the transition, this move solidified the organization’s goal to remain an independent specialty chemical and ingredient distributor for the long term. While others in the sector have sold to multinational, publicly-traded companies or reorganized, Palmer Holland has doubled down on the model, its people and its independence.
An ESOP, similar to a profit-sharing plan, lets a company set up a trust fund and contribute new shares of its stock as a retirement benefit to employees. This change will make Palmer Holland more independent and even more dependable in order to further live up to its commitment to customer excellence and unique commercial offerings to global chemical manufacturers.
“The conversion to an ESOP allows Palmer Holland to benefit employees and principals, live up to our core values in excellence, and evolve and grow,” said Bryn Irvine, CEO. “It has always been our goal to remain independent even in this climate where others are selling. Our ESOP allows us to retain our culture and unparalleled way of doing business.”
The move to an ESOP will not change day-to-day function and visibility in relationships with current customers or principals. This is not a new management or organizational structure; the only change is that its partners now get to connect with owners at every interaction.
The ESOP structure also provides another tool in recruiting and retaining top talent and adds a significant component to the employee benefit plan.
For more information about Palmer Holland, please visit palmerholland.com.
About Palmer Holland
Established in 1925 as Palmer Supplies Company, today Palmer Holland is a North American specialty chemical and ingredient distributor of raw materials headquartered in Cleveland, Ohio with over 40 account managers and ingredient consultants stationed throughout the United States and Canada. Palmer Holland is a private, employee-owned company which allows us greater flexibility in the marketplace and a dedicated platform for long-term success. This flexibility enables Palmer Holland to provide our customers and principals with the most effective and efficient solutions. These partners are rooted in the areas of Agriculture, CASE (coatings, adhesives, sealants, elastomers), Health and Nutrition, Lubricants and Plastics. For more information about Palmer Holland, visit our website at www.palmerholland.com.
https://news.thomasnet.com/companystory/palmer-holland-converts-to-employee-stock-ownership-plan-40032862
January 14, 2020
Milliken to Buy Borchers
Acquisition will bolster Milliken’s capabilities in specialty coating additives
Milliken & Company Announces Intent to Acquire Borchers from The Jordan Company
SPARTANBURG, S.C.–(BUSINESS WIRE)–Milliken & Company (“Milliken”), a global diversified manufacturer with more than a century and a half of materials science expertise, announced that it has signed an agreement to acquire Borchers Group Limited (“Borchers”), a global specialty chemicals company known for its innovative high-performance coating additives and specialty catalyst solutions from The Jordan Company, L.P. (“TJC”). The acquisition is expected to close in January 2020, subject to customary closing conditions.
Headquartered in Westlake, Ohio, Borchers carries a respected portfolio of additives for the coatings, inks and adhesives markets with a comprehensive range of cobalt-free driers, dispersants, rheology modifiers, wetting agents, polymerization catalysts and adhesion promoters. The addition of Borchers—particularly its expertise in specialty coating additives—further builds Milliken’s comprehensive solutions portfolio, aligned with the company’s strategic objective to develop a global range of growth platforms.
“I’m thrilled to accelerate our commitment to innovation and sustainability with the acquisition of a company so aligned with our values,” shared Halsey Cook, president and CEO of Milliken & Company. “Borchers brings particular technical expertise that will boost Milliken’s strengths and propel our growth.”
Devlin Riley, president & CEO of Borchers, said, “We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers. Combining our capabilities and approach with the depth of Milliken’s technology and innovation will allow us to provide exemplary solutions to the markets we serve. I want to thank the TJC team for their guidance and strong partnership.”
Erik Fagan, a partner at TJC, added, “Devlin and the Borchers team have guided the company through a period of strong organic and acquisition growth. We are proud to have partnered with Borchers management and excited to see the continued impact their products will have for their customers.”
“We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken,” said Russ Rudolph, senior vice president, Milliken’s Chemical Division. “Borchers expands our reach and grows our technological expertise, enabling us to further chemical innovation in the global specialty chemicals market.”
Jones Day represented Milliken in the transaction. Moelis & Company LLC acted as financial advisor, and Mayer Brown LLP acted as legal advisor to Borchers and TJC.
About Milliken & Company
Milliken has been solving everyday problems with innovative solutions for more than 150 years. Our research, design and manufacturing expertise reaches across a breadth of disciplines including specialty chemicals, floor covering, healthcare and performance and protective textiles. An unwavering commitment to ethics guides our work to redefine how we add strength and protection to products, how we infuse vibrancy and color into our surroundings, and how we care for the environment. For us, success is when discoveries made within Milliken help us all have more meaningful connections with the world. Discover Milliken at www.milliken.com, and join us on Facebook, Instagram, LinkedIn and Twitter.
About Borchers Group Limited
Headquartered in Westlake, Ohio, Borchers is a global coating technologies platform providing value-added products that are critical components of overall formulations. The company’s products are often specified into customers’ formulations, which results in high retention rates and long-term relationships. Borchers sells a broad set of products to approximately 1,000 customers in a wide variety of applications and end markets. With manufacturing facilities in the United States and France along with technology and business development centers in the United States, Germany, China and India, Borchers is able to support both regional and multinational customers around the world. To learn more about Borchers, please visit www.borchers.com.
About The Jordan Company, L.P.
TJC, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $11 billion. TJC has a 38-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Industrials, Transportation & Logistics, Healthcare & Consumer, and Telecom, Technology & Utility. The senior investment team has been investing together for over 20 years and is supported by its Operations Management Group, established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has an office in Chicago. For more information, please visit www.thejordancompany.com.
https://www.businesswire.com/news/home/20200113005789/en/Milliken-Company-Announces-Intent-Acquire-Borchers-Jordan
January 14, 2020
Milliken to Buy Borchers
Acquisition will bolster Milliken’s capabilities in specialty coating additives
Milliken & Company Announces Intent to Acquire Borchers from The Jordan Company
SPARTANBURG, S.C.–(BUSINESS WIRE)–Milliken & Company (“Milliken”), a global diversified manufacturer with more than a century and a half of materials science expertise, announced that it has signed an agreement to acquire Borchers Group Limited (“Borchers”), a global specialty chemicals company known for its innovative high-performance coating additives and specialty catalyst solutions from The Jordan Company, L.P. (“TJC”). The acquisition is expected to close in January 2020, subject to customary closing conditions.
Headquartered in Westlake, Ohio, Borchers carries a respected portfolio of additives for the coatings, inks and adhesives markets with a comprehensive range of cobalt-free driers, dispersants, rheology modifiers, wetting agents, polymerization catalysts and adhesion promoters. The addition of Borchers—particularly its expertise in specialty coating additives—further builds Milliken’s comprehensive solutions portfolio, aligned with the company’s strategic objective to develop a global range of growth platforms.
“I’m thrilled to accelerate our commitment to innovation and sustainability with the acquisition of a company so aligned with our values,” shared Halsey Cook, president and CEO of Milliken & Company. “Borchers brings particular technical expertise that will boost Milliken’s strengths and propel our growth.”
Devlin Riley, president & CEO of Borchers, said, “We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers. Combining our capabilities and approach with the depth of Milliken’s technology and innovation will allow us to provide exemplary solutions to the markets we serve. I want to thank the TJC team for their guidance and strong partnership.”
Erik Fagan, a partner at TJC, added, “Devlin and the Borchers team have guided the company through a period of strong organic and acquisition growth. We are proud to have partnered with Borchers management and excited to see the continued impact their products will have for their customers.”
“We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken,” said Russ Rudolph, senior vice president, Milliken’s Chemical Division. “Borchers expands our reach and grows our technological expertise, enabling us to further chemical innovation in the global specialty chemicals market.”
Jones Day represented Milliken in the transaction. Moelis & Company LLC acted as financial advisor, and Mayer Brown LLP acted as legal advisor to Borchers and TJC.
About Milliken & Company
Milliken has been solving everyday problems with innovative solutions for more than 150 years. Our research, design and manufacturing expertise reaches across a breadth of disciplines including specialty chemicals, floor covering, healthcare and performance and protective textiles. An unwavering commitment to ethics guides our work to redefine how we add strength and protection to products, how we infuse vibrancy and color into our surroundings, and how we care for the environment. For us, success is when discoveries made within Milliken help us all have more meaningful connections with the world. Discover Milliken at www.milliken.com, and join us on Facebook, Instagram, LinkedIn and Twitter.
About Borchers Group Limited
Headquartered in Westlake, Ohio, Borchers is a global coating technologies platform providing value-added products that are critical components of overall formulations. The company’s products are often specified into customers’ formulations, which results in high retention rates and long-term relationships. Borchers sells a broad set of products to approximately 1,000 customers in a wide variety of applications and end markets. With manufacturing facilities in the United States and France along with technology and business development centers in the United States, Germany, China and India, Borchers is able to support both regional and multinational customers around the world. To learn more about Borchers, please visit www.borchers.com.
About The Jordan Company, L.P.
TJC, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $11 billion. TJC has a 38-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Industrials, Transportation & Logistics, Healthcare & Consumer, and Telecom, Technology & Utility. The senior investment team has been investing together for over 20 years and is supported by its Operations Management Group, established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has an office in Chicago. For more information, please visit www.thejordancompany.com.
https://www.businesswire.com/news/home/20200113005789/en/Milliken-Company-Announces-Intent-Acquire-Borchers-Jordan
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