Mergers & Acquisitions
April 9, 2025
UBE Completes Lanxess PU Acquisition
UBE Corporation Completes Acquisition of Lanxess’s Polyurethane Systems Business
PUdaily | Updated: April 3, 2025
On April 2, 2025, Japan-based UBE Corporation announced the completion of its acquisition of Lanxess’s polyurethane systems business. Initially announced in October 2024, the deal sees UBE taking over Lanxess’s global polyurethane operations, including five production facilities, multiple application laboratories, and approximately 400 employees.
Transaction Background and Details
Lanxess’s polyurethane systems business, with over 70 years of history, specializes in the development and production of high-performance polyurethane resins, serving high-end applications such as the semiconductor industry. The acquisition covers 11 Lanxess subsidiaries worldwide, including facilities in Shanghai and Jiangsu, China.
UBE Corporation’s Strategic Vision
UBE Corporation views this acquisition as a key step in its strategic investment in specialty chemicals. By integrating Lanxess’s technical expertise, global talent pool, and manufacturing capabilities, UBE aims to expand its poly carbonate diol (PCD) and polyurethane dispersion (PUD) businesses and strengthen its position in the high-performance polyurethane resins market.
Lanxess’s Business Restructuring
In recent years, Lanxess has been streamlining its operations. The sale of its polyurethane systems business is part of its strategy to optimize its asset structure and focus on core segments. Lanxess expects to generate approximately €500 million from the transaction, which will be used to reduce net debt and improve its balance sheet.
UBE Corporation’s M&A Initiatives
UBE Corporation announced on April 1, 2025, the establishment of a new M&A Promotion Office, dedicated to acquiring unique technologies and resources to drive growth in environmental, health, and high-value markets.
This transaction marks a significant expansion for UBE in the specialty chemicals sector and provides a new opportunity for Lanxess’s business transformation.
April 2, 2025
L & P Sells Aerospace Segment
Leggett & Platt Sells Its Aerospace Products Group for $285M
- Leggett & Platt (NYSE:LEG) said on Wednesday that it has signed an agreement to sell its Aerospace Products Group to affiliated funds managed by Tinicum Incorporated for a cash purchase price of $285M.
- The after-tax cash proceeds are expected to be approximately $240M.
- The Aerospace Products Group is a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms and space launch vehicles.
- The business comprises seven manufacturing facilities located in the U.S., UK, and France and approximately 700 employees with net trade sales of $190M in 2024.
- This divestiture is part of the ongoing strategic business review, aimed at determining which businesses are the right long-term fit for the company.
March 11, 2025
Leggett & Platt Sells Two Segments
ABM International has acquired Gribetz International and Porter International. Photo courtesy of ABM.
ABM International acquires 2 Leggett & Platt segments
Sheila Long O’Mara //Executive Editor, Furniture Today//March 10, 2025
MONTGOMERY, Texas – Industrial machine supplier ABM International has acquired the factories and other assets of Gribetz International and Porter International from Leggett & Platt.
Both companies had been part of the Global Systems Group, a division of Leggett & Platt. Terms of the deal that closed at the end of February were not disclosed.
The move combines the companies under the ownership of fourth-generation family-owned ABM International under the leadership of Neal Schwarzberger, president. The acquisition includes two factories – one in Sunrise, Fla., and one in Carthage, Mo. – totaling 100,000 square feet.
The new division of ABM International will be consolidated as Gribetz and will be managed by Paul Block, president of sales. Block had been with Leggett’s global systems group for more than 15 years.
“I am excited about the synergies these companies will create for the mattress and home furnishings industries,” Block said.
In addition to the real estate deal, 70 employees that work in the two new factories remain with the new division. Block said the sales, service and support teams that the organization’s customers have worked with in the past are in place under the new ownership structure.
Founded in 1947, ABM International specializes in sewing equipment, single-needle quilters and other specialized equipment used in mattress and upholstery manufacturing. Gribetz International was founded in 1940, and Porter was founded in 1948. Both companies were acquired by Leggett in the 1990s, and in 2010, Leggett acquired Galkin Automated Products, a sewing machine specialist founded in 1908.
The deal is part of Leggett’s ongoing restructuring that was announced last year.
February 17, 2025
Divestitures Begin
Germany’s BASF sells Brazilian paint business
BILYONARYO.COM
German chemicals giant BASF said Monday it will sell its Brazilian paint business for $1.15 billion (1.1 billion euros), as it seeks to slim down its operations amid an industrial slowdown.
Sherwin-Williams, an American company, will acquire the unit, which has about 1,000 employees, said the world’s largest chemicals group.
The business was BASF’s only one which sold to consumers rather than to industry, it said in a statement, adding that it had “limited synergies with other coating businesses within BASF.”
The sale comes amidst a cost-cutting drive, with the chemicals giant seeking to strip out less profitable businesses after being battered by a combination of weak demand and higher energy costs following the outbreak of the Ukraine war.
Last September CEO Markus Kamieth told investors that BASF would focus on its “core businesses” in an effort to make annual savings of about 2.1 billion euros by the end of 2026.
Reporting third-quarter financial results in October, BASF warned “of risks from potential declines in prices and lower growth volume than expected” as its operating profit fell seven percent.
The deal is expected to close in the second half of 2025.
BASF said it would “further explore strategic options” for other parts of its coatings division.— Agence France-Presse
February 12, 2025
Tempur Sealy Makes Changes
Leadership Change at Mattress Firm
Feb. 12, 2025 9:00 AM ETTempur Sealy International, Inc. (TPX)
– New Interim CEO of Mattress Firm, Scott Thompson
LEXINGTON, Ky., Feb. 12, 2025 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) today announced management changes at Mattress Firm. The Company recently acquired Mattress Firm, the nation’s largest mattress specialty retailer.
John Eck has decided to step down as Chief Executive Officer of Mattress Firm. The Company has entered into a consulting agreement with Mr. Eck to ensure a smooth transition. Scott Thompson, Chairman and CEO of Tempur Sealy, will act as Interim CEO of Mattress Firm during a transition period. The Company expects to appoint a new CEO of Mattress Firm within the next 6 to 9 months.
“We thank John for his successful 6 years at Mattress Firm, leading the business to outperform the market over the period of his leadership,” commented Scott Thompson. “I look forward to working with the Mattress Firm leadership team during this transitional period.”
The Company previously announced it will change its name to Somnigroup International Inc. (“Somnigroup”), effective February 18, 2025. Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International. Mattress Firm and Dreams will continue to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, will continue to serve third-party retailers as well as Mattress Firm, Dreams and Tempur Sealy direct-to-consumer channels.
https://seekingalpha.com/pr/19999988-leadership-change-at-mattress-firm#hasComeFromMpArticle=false
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