Company News

October 22, 2018

Covestro Expanding MDI in Shanghai

Covestro plans to expand MDI capacity at Shanghai facility


Photo by Covestro A look at Covestro Integrated Site Shanghai.

SHANGHAI—Covestro plans to invest $12 million to expand MDI capacity at its plant in Shanghai where it recently began a second round of assessments into the facility’s environmental impact.

According to the Leverkusen, Germany-based company, annual capacity for MDI at the Shanghai facility will rise by 100,000 metric tons, from 500,000 tons per year to 600,000 tons per year. Its monomer MDI capacity will go up by 50,000 tons to 200,000 tons per year, while its polymeric MDI capacity also will rise by 50,000 tons, to 400,000 tons annually.

The first phase of the expansion will account for 50,000 additional tons of capacity per year, and will extend annual operations from 8,000 hours to 8,760 hours.

Phase two of the expansion will increase capacity by 50,000 tons annually through the upgrade of waste treatment facilities pumps, control valves and heat exchangers. Three tubes will be added to carry monochlorobenzene.

The existing phosgenation production process will not be changed, according to Covestro.

Phase one is scheduled to come on stream by the end of 2018, while phase two is anticipated to be completed by the end of 2020.

The Covestro Integrated Site Shanghai represents the company’s largest investment outside of Germany. In addition to producing polyurethane raw materials, the site manufactures high-grade polycarbonate as well as raw materials for coatings and adhesives.

Globally, Covestro operates 30 sites, including technical centers, manufacturing facilities and an innovation center. It employs about 16,200.

http://www.rubbernews.com/article/20181002/NEWS/181009981/covestro-plans-to-expand-mdi-capacity-at-shanghai-facility

October 22, 2018

Arsenal Acquires Polytek

ARSENAL CAPITAL PARTNERS ACQUIRES POLYTEK

Acquisition Platform for Formulated Polymer Technologies

 

NEW YORK, October 22, 2018 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that invests in middle-market specialty industrials and healthcare services companies, announced today the acquisition of Polytek Development Corp. (“Polytek”), a leading manufacturer of liquid mold rubbers and casting plastics, from Morgenthaler Private Equity.  The terms of the acquisition were not disclosed. 

Polytek’s proprietary specialty polymers are used by customers to create flexible molds to reproduce highly-detailed, complex objects for a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping. 

Arsenal brings significant experience investing in the global polymers market, having previously built Accella Performance Materials, a polyurethanes systems company, through nine strategic acquisitions, and Elite Comfort Solutions, a leading manufacturer of specialty polyurethane foam technologies serving the bedding market.

Roy Seroussi, an Investment Partner at Arsenal said, “Polytek has developed niche technologies in a number of applications, with a strong reputation of innovation and technical support.  The company’s portfolio fits well with Arsenal’s previous expertise in polymer technologies, such as in polyurethanes, silicones, and epoxies, where we have successfully invested in the past.  We look forward to partnering with Polytek and its employees and to accelerating Polytek’s growth plans by delivering more solutions and capabilities to its customers.” 

Don Nolan, Chair of Polytek’s board, added, “We are delighted to partner with Jonathan Kane and his team.  Polytek has a track record of successfully acquiring and integrating complementary technologies and product lines focused on its key markets.  We will continue the trajectory of acquiring high-value polymer solutions and expect robust acquisition activity over the next few years.”

Jonathan Kane, CEO of Polytek, said, “The team at Polytek and I are excited to partner with Arsenal.  Their deep experience in specialty chemicals and their operating model will bring tremendous value to Polytek, its customers, and its employees, and accelerate our plans for growth.”

About Polytek Development Corp.

Founded in 1984 and headquartered in Easton, PA, Polytek® Development Corp. is a leading manufacturer of specialty polymers including: polyurethane elastomers and casting resins, silicones, epoxies, and latex.  These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, fine arts, and technology sectors.  For more information, visit https://www.polytek.com.

 

About Arsenal Capital Partners

Established in 2000, Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare business services companies.  Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 – $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit www.arsenalcapital.com.

October 22, 2018

Arsenal Acquires Polytek

ARSENAL CAPITAL PARTNERS ACQUIRES POLYTEK

Acquisition Platform for Formulated Polymer Technologies

 

NEW YORK, October 22, 2018 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that invests in middle-market specialty industrials and healthcare services companies, announced today the acquisition of Polytek Development Corp. (“Polytek”), a leading manufacturer of liquid mold rubbers and casting plastics, from Morgenthaler Private Equity.  The terms of the acquisition were not disclosed. 

Polytek’s proprietary specialty polymers are used by customers to create flexible molds to reproduce highly-detailed, complex objects for a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping. 

Arsenal brings significant experience investing in the global polymers market, having previously built Accella Performance Materials, a polyurethanes systems company, through nine strategic acquisitions, and Elite Comfort Solutions, a leading manufacturer of specialty polyurethane foam technologies serving the bedding market.

Roy Seroussi, an Investment Partner at Arsenal said, “Polytek has developed niche technologies in a number of applications, with a strong reputation of innovation and technical support.  The company’s portfolio fits well with Arsenal’s previous expertise in polymer technologies, such as in polyurethanes, silicones, and epoxies, where we have successfully invested in the past.  We look forward to partnering with Polytek and its employees and to accelerating Polytek’s growth plans by delivering more solutions and capabilities to its customers.” 

Don Nolan, Chair of Polytek’s board, added, “We are delighted to partner with Jonathan Kane and his team.  Polytek has a track record of successfully acquiring and integrating complementary technologies and product lines focused on its key markets.  We will continue the trajectory of acquiring high-value polymer solutions and expect robust acquisition activity over the next few years.”

Jonathan Kane, CEO of Polytek, said, “The team at Polytek and I are excited to partner with Arsenal.  Their deep experience in specialty chemicals and their operating model will bring tremendous value to Polytek, its customers, and its employees, and accelerate our plans for growth.”

About Polytek Development Corp.

Founded in 1984 and headquartered in Easton, PA, Polytek® Development Corp. is a leading manufacturer of specialty polymers including: polyurethane elastomers and casting resins, silicones, epoxies, and latex.  These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, fine arts, and technology sectors.  For more information, visit https://www.polytek.com.

 

About Arsenal Capital Partners

Established in 2000, Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare business services companies.  Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 – $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit www.arsenalcapital.com.

October 18, 2018

Head of Covestro PU Interview

Meet Daniel Meyer

There aren’t many senior executives who can strike up a tune on the bagpipes, but for Daniel Meyer it’s just one of the many things this father of two enjoys in life.

Having held a variety of roles within Covestro and previously Bayer, he’s now President and Head of the Polyurethanes business unit. As he takes on the challenges that face the business today, we wanted to find out more about what makes him tick.

Daniel, you’ve had a long and interesting career within the industry. What is it that sustains your enthusiasm?

I love being able to talk to customers, really understanding where they are coming from and what they need, then creating innovations and solutions that work down the entire value chain. And that means great teamwork too, really engaging with and challenging my team to collaborate with customers and each other, to think differently and follow the path less travelled.

You’ve worked in Asia for a long time. How do you think that regional experience helps you in your approach?

I felt I needed a deep understanding of the customs and character of the region to be able to have informed credible conversations with customers. I read widely, asked questions, soaked up the background and really embraced the culture. I think this is a tactic you can take anywhere in the world, both in life and in business – be inquisitive about people, learn about their challenges, listen to their needs. It was a wonderful experience for my family and me personally and professionally.

How would you describe your leadership style?

It’s my responsibility to equip the business with everything it needs to sustain success in the long term. I like to compare it to raising children, giving my kids everything they need to have happy and successful lives. Openness and mutual trust are very important to me and I’ll often give very candid feedback – which is what I expect in return. We can only tackle the challenges ahead if we align with our strategy, talk to each another and act as one cohesive team.

What’s exciting about the future of PUR market?

Well the future always begins today! And the potential is exciting. The chair you are sitting on right now. The building you are in right now. Cars, furniture, appliances – you find polyurethane in almost all areas of everyday life. We have to ensure we are close to the market and operate fast and efficiently. This means having the best cost structure and being the ‘go-to’ supplier for our customers.

‘Every successful product and new discovery we make is based on the curiosity, courage and inquisitive mindset of our employees’

Every member of our team is an innovator – and we encourage people to take innovation beyond R&D, extending into every aspect of the business. The more sustainable we can be, the more profitable, and the more we can benefit society, the better. We have to help our customers support the circular economy and understand what trends are telling us.

Every successful product and new discovery we make is based on the curiosity, courage and inquisitive mindset of our employees. Only with their passionate approach can we continue to grow. It’s a great team to be part of and I’m looking forward to working with everyone to make the world a brighter place.

Daniel Meyer joined Bayer France S.A. in 1992, transferring to Bayer AG in Leverkusen in 1997. He occupied various positions in the pigments business before becoming product manager for coating resins in 2002, initially in Europe, the Middle East and Africa, and subsequently around the world. From 2004, Meyer held a number of different positions in Asia-Pacific for a total of eight years, including managing the marketing of coating raw materials. He went on to head Business Development before assuming responsibility for the entire Coatings, Adhesives, Specialties segment in the region, and subsequently around the globe. He became Head of Polyurethanes at Covestro in September 2017.

https://pureinsights.covestro.com/interview-daniel-meyer/

October 18, 2018

Head of Covestro PU Interview

Meet Daniel Meyer

There aren’t many senior executives who can strike up a tune on the bagpipes, but for Daniel Meyer it’s just one of the many things this father of two enjoys in life.

Having held a variety of roles within Covestro and previously Bayer, he’s now President and Head of the Polyurethanes business unit. As he takes on the challenges that face the business today, we wanted to find out more about what makes him tick.

Daniel, you’ve had a long and interesting career within the industry. What is it that sustains your enthusiasm?

I love being able to talk to customers, really understanding where they are coming from and what they need, then creating innovations and solutions that work down the entire value chain. And that means great teamwork too, really engaging with and challenging my team to collaborate with customers and each other, to think differently and follow the path less travelled.

You’ve worked in Asia for a long time. How do you think that regional experience helps you in your approach?

I felt I needed a deep understanding of the customs and character of the region to be able to have informed credible conversations with customers. I read widely, asked questions, soaked up the background and really embraced the culture. I think this is a tactic you can take anywhere in the world, both in life and in business – be inquisitive about people, learn about their challenges, listen to their needs. It was a wonderful experience for my family and me personally and professionally.

How would you describe your leadership style?

It’s my responsibility to equip the business with everything it needs to sustain success in the long term. I like to compare it to raising children, giving my kids everything they need to have happy and successful lives. Openness and mutual trust are very important to me and I’ll often give very candid feedback – which is what I expect in return. We can only tackle the challenges ahead if we align with our strategy, talk to each another and act as one cohesive team.

What’s exciting about the future of PUR market?

Well the future always begins today! And the potential is exciting. The chair you are sitting on right now. The building you are in right now. Cars, furniture, appliances – you find polyurethane in almost all areas of everyday life. We have to ensure we are close to the market and operate fast and efficiently. This means having the best cost structure and being the ‘go-to’ supplier for our customers.

‘Every successful product and new discovery we make is based on the curiosity, courage and inquisitive mindset of our employees’

Every member of our team is an innovator – and we encourage people to take innovation beyond R&D, extending into every aspect of the business. The more sustainable we can be, the more profitable, and the more we can benefit society, the better. We have to help our customers support the circular economy and understand what trends are telling us.

Every successful product and new discovery we make is based on the curiosity, courage and inquisitive mindset of our employees. Only with their passionate approach can we continue to grow. It’s a great team to be part of and I’m looking forward to working with everyone to make the world a brighter place.

Daniel Meyer joined Bayer France S.A. in 1992, transferring to Bayer AG in Leverkusen in 1997. He occupied various positions in the pigments business before becoming product manager for coating resins in 2002, initially in Europe, the Middle East and Africa, and subsequently around the world. From 2004, Meyer held a number of different positions in Asia-Pacific for a total of eight years, including managing the marketing of coating raw materials. He went on to head Business Development before assuming responsibility for the entire Coatings, Adhesives, Specialties segment in the region, and subsequently around the globe. He became Head of Polyurethanes at Covestro in September 2017.

https://pureinsights.covestro.com/interview-daniel-meyer/