Company News

June 12, 2019

Another Polytek Acquisition

Polytek Development Corp. Announces Acquisition of Pro Marine Supplies

Easton, PA & Englewood, FL – June 11, 2019 – Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making and casting applications, announced today the acquisition of Pro Marine Supplies (“Pro Marine”). Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2013 and located in Englewood, Florida, Pro Marine supplies high-quality epoxy coating resins for a variety of professional and hobbyist applications, including arts, crafts, boat building, restoration and repair.
Pro Marine brings additional epoxy expertise to Polytek’s consumer brand portfolio and expands the company’s ability to offer a rich set of casting solutions to professional artists, crafters and the do-it-yourself community. Jonathan Kane, CEO of Polytek, commented “Pro Marine’s unique experience in artistic and marine epoxy applications will allow us to provide additional product solutions, project inspiration, and technical support to our customers.”
Matt Bonwill, owner of Pro Marine added, “We are excited to join Polytek and take our company to the next level.” Matt Bonwill will remain in his current role through the integration process, and the two companies will continue to do business under their existing names. Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp.
Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Kalamazoo, MI, and Franklin, IN. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, arts and crafts, and technology sectors. Polytek® brands include California Medical Innovations, Raw Material Suppliers, Alumilite, BCC Products, and ETI Technology, Inc. www.polytek.com
Established in 2013 and located in Englewood, FL, Pro Marine Supplies was founded after boat repair company, Pro Marine Repair, realized the demand for high-quality epoxy resin in marine and artistic applications. Today, Pro Marine Supplies’ epoxy coating resin is well-known among artists and crafters for use in a variety of do-it-yourself and professional projects. www.promarinesupplies.com
About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 42 platform investments and achieved 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $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. www.arsenalcapital.com

June 12, 2019

Another Polytek Acquisition

Polytek Development Corp. Announces Acquisition of Pro Marine Supplies

Easton, PA & Englewood, FL – June 11, 2019 – Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making and casting applications, announced today the acquisition of Pro Marine Supplies (“Pro Marine”). Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2013 and located in Englewood, Florida, Pro Marine supplies high-quality epoxy coating resins for a variety of professional and hobbyist applications, including arts, crafts, boat building, restoration and repair.
Pro Marine brings additional epoxy expertise to Polytek’s consumer brand portfolio and expands the company’s ability to offer a rich set of casting solutions to professional artists, crafters and the do-it-yourself community. Jonathan Kane, CEO of Polytek, commented “Pro Marine’s unique experience in artistic and marine epoxy applications will allow us to provide additional product solutions, project inspiration, and technical support to our customers.”
Matt Bonwill, owner of Pro Marine added, “We are excited to join Polytek and take our company to the next level.” Matt Bonwill will remain in his current role through the integration process, and the two companies will continue to do business under their existing names. Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp.
Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Kalamazoo, MI, and Franklin, IN. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, arts and crafts, and technology sectors. Polytek® brands include California Medical Innovations, Raw Material Suppliers, Alumilite, BCC Products, and ETI Technology, Inc. www.polytek.com
Established in 2013 and located in Englewood, FL, Pro Marine Supplies was founded after boat repair company, Pro Marine Repair, realized the demand for high-quality epoxy resin in marine and artistic applications. Today, Pro Marine Supplies’ epoxy coating resin is well-known among artists and crafters for use in a variety of do-it-yourself and professional projects. www.promarinesupplies.com
About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 42 platform investments and achieved 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $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. www.arsenalcapital.com

June 11, 2019

Geismar MDI Update

BASF to launch second phase of MDI production facility

June 10, 2019

1:44 PM

BASF will proceed with the second phase of its production expansion for methylene diphenyl diisocyanate (MDI) at its Louisiana chemical complex in Geismar. BASF expects to double its production of MDI from 300,000 metric tons to around 600,000 metric tons through the multiphase expansion project announced in January 2018. MDI is used by industrial customers to produce polyurethanes, which contribute to improved insulation for appliances, lighter materials for cars and energy efficiency in buildings.

BASF will make an $87 million capital investment to continue the expansion of the MDI plant that has been a central aspect of its Geismar manufacturing facility for more than 30 years. The company committed $150 million to the first phase of the MDI expansion. That project is expected to be finalized in the first half of 2020. The second phase of the project will retain 1,238 existing BASF jobs at Geismar, the company’s largest manufacturing site in North America. Construction is expected to start by the end of 2019, with completion scheduled for 2021. The company estimates the project will support 170 construction jobs.

“BASF has called Louisiana home for more than 60 years, and this latest expansion at its Geismar plant will help to keep the company competitive in its global marketplace,” said Gov. John Bel Edwards. “From low operational costs to effective infrastructure and logistics, Louisiana provides industries across a broad spectrum of manufacturing specialties with the assets they need to succeed. We welcome this latest expansion at BASF’s Geismar facility and look forward to the continued economic impact of company operations for Ascension Parish and the Capital Region.”

Since 2009, BASF has invested more than $800 million in major capital projects in Ascension Parish. For this expansion project, the company is expected to utilize the state’s Industrial Tax Exemption Program.

https://www.bicmagazine.com/expansions/downstream/basf-to-launch-second-phase-of-mdi-production-facility/

June 11, 2019

Geismar MDI Update

BASF to launch second phase of MDI production facility

June 10, 2019

1:44 PM

BASF will proceed with the second phase of its production expansion for methylene diphenyl diisocyanate (MDI) at its Louisiana chemical complex in Geismar. BASF expects to double its production of MDI from 300,000 metric tons to around 600,000 metric tons through the multiphase expansion project announced in January 2018. MDI is used by industrial customers to produce polyurethanes, which contribute to improved insulation for appliances, lighter materials for cars and energy efficiency in buildings.

BASF will make an $87 million capital investment to continue the expansion of the MDI plant that has been a central aspect of its Geismar manufacturing facility for more than 30 years. The company committed $150 million to the first phase of the MDI expansion. That project is expected to be finalized in the first half of 2020. The second phase of the project will retain 1,238 existing BASF jobs at Geismar, the company’s largest manufacturing site in North America. Construction is expected to start by the end of 2019, with completion scheduled for 2021. The company estimates the project will support 170 construction jobs.

“BASF has called Louisiana home for more than 60 years, and this latest expansion at its Geismar plant will help to keep the company competitive in its global marketplace,” said Gov. John Bel Edwards. “From low operational costs to effective infrastructure and logistics, Louisiana provides industries across a broad spectrum of manufacturing specialties with the assets they need to succeed. We welcome this latest expansion at BASF’s Geismar facility and look forward to the continued economic impact of company operations for Ascension Parish and the Capital Region.”

Since 2009, BASF has invested more than $800 million in major capital projects in Ascension Parish. For this expansion project, the company is expected to utilize the state’s Industrial Tax Exemption Program.

https://www.bicmagazine.com/expansions/downstream/basf-to-launch-second-phase-of-mdi-production-facility/

June 7, 2019

Dow Links with Univar

Dow Selects Univar Solutions as a Key Channel to Market for Polyurethanes in North America

Dow approves Univar Solutions to carry range of polyols and isocyanates in U.S. and Canada

MIDLAND, Mich. and DOWNERS GROVE, Ill., May 28, 2019 /PRNewswire/ — Dow (NYSE: DOW) and Univar Inc. (NYSE: UNVR) (“Univar Solutions”) today announced Dow has selected Univar Solutions as a key North American channel to market, distributing Dow’s broad product portfolio of polyols and isocyanates effective April 1, 2019. Univar Solutions, a company recently created from the combination of Univar and Nexeo Solutions, brings some of the best customer service offerings in the industry and is ready to serve as an authorized channel for Dow’s breakthrough polyurethane products across the U.S. and Canada.

Dow Selects Univar Solutions as a Key Channel to Market for Polyurethanes in North America
Dow Selects Univar Solutions as a Key Channel to Market for Polyurethanes in North America

Univar Solutions is a leading global chemical and ingredient solutions provider, combining a comprehensive logistical offering with expert-level technical know-how.

“The power of Dow’s wide ranging solution sets paired with the customer experience that Univar Solutions offers, is the collaboration needed to help downstream formulators innovate and grow,” said Caio Sedeno, North America commercial director for Dow Polyurethanes. “In CASE formulations, we have a broad range of polyols, formulated polyol blends and pre-polymer offerings that will help deliver on ever-advancing application needs.”

As both Univar and Dow emerge from recent merger and acquisition transactions, their priorities are aligned and remain clear: offering solutions and experiences to their customers that help drive value.

“Through our mission to streamline, innovate and grow, Univar Solutions focuses on enriching the buying experience to create an ecosystem of transparency for our customers and suppliers,” said Mark Fisher, president, Univar Solutions USA. “Combining the product and innovation breadth of Dow with Univar Solutions’ formulation expertise in our Technical Solution Centers, as well as through the digital tools that we deploy, will be a winning, value creating partnership for the industry.”

https://www.prnewswire.com/news-releases/dow-selects-univar-solutions-as-a-key-channel-to-market-for-polyurethanes-in-north-america-300856736.html