Mergers & Acquisitions
July 28, 2026
Matrix Acquires IPS Adhesives
Matrix Adhesives Group Acquires IPS Adhesives to Expand its Technology, Branded Portfolio, and Market Reach
By: Matrix Adhesives Group via Business Wire
July 27, 2026 at 08:00 AM EDT
Matrix Adhesives Group (“Matrix” or the “Company”), a TruArc Partners (“TruArc”) portfolio company and provider of advanced adhesive and sealant solutions for renovation and construction, industrial, commercial, and specialty applications, today announced that it has acquired IPS Adhesives (“IPSA”), a provider of high-performance adhesives serving building and construction, transportation, industrial, and marine industries, from the parent company of IPS Corporation (“IPS”). Terms of the transaction were not disclosed.
In partnering with IPSA, Matrix reinforces its position as a scaled specialty adhesives platform by expanding its branded product offering, technologies portfolio, and global reach. As part of the acquisition, IPSA will add six established brands and broaden Matrix’s exposure to specification-driven applications across industrial durables, marine, building and construction, and sign and display markets. The transaction also expands Matrix’s international presence through IPSA’s established European footprint, distributor network, and customer relationships.
“This strategic partnership enhances our ability to deliver differentiated, value-added solutions to our customers,” said DJ Johnson, CEO of Matrix Adhesives Group. “We are pleased to welcome the IPS Adhesives team to the Matrix family of ‘passionate people creating bonds’, and truly appreciate TruArc’s strong commitment to our shared growth ambitions.”
Previously owned by IPS, an innovator in specialty chemical solutions for plumbing and construction applications, IPSA is a provider of high-performance adhesives with expertise in Methyl Methacrylate (MMA) technology and other advanced technologies. MMA adhesives are increasingly specified in demanding applications due to their fast cure times, minimal surface preparation requirements, and ability to bond dissimilar materials. The addition of IPSA further expands Matrix’s technical capabilities and positions the Company to pursue growth opportunities driven by demand for advanced adhesive solutions. Scott McDowell, President of IPSA, will remain on board as a key member of the Matrix leadership team.
“Joining Matrix represents an exciting milestone for the IPS Adhesives team,” said Scott McDowell, President of IPS Adhesives. “Our associates have worked tirelessly to create a company that is widely recognized for its broad suite of products, trusted brands, and passion for solving our customers’ toughest bonding challenges. Becoming part of the Matrix family will allow us to preserve our strong market position in MMA solutions, while gaining the scale, resources, and global platform to support our growth plans. I couldn’t be more excited about what this partnership means for our customers, our team, and our future.”
IPSA represents Matrix’s first acquisition following TruArc’s strategic investment in March 2026.
TruArc Operating Partner Rich Rowe commented; “We are very pleased to welcome the IPSA team into the Matrix family as we believe this acquisition strengthens the Company’s capability to deliver differentiated solutions to customers in its core markets in North America and abroad.”
“This acquisition represents an important milestone in Matrix’s growth strategy and provides Matrix with the ability to further expand its portfolio of branded products, advanced adhesive technologies, and global market reach,” said John Pless, Co-Managing Partner at TruArc. “We look forward to supporting the Matrix team as they integrate IPS Adhesives’ highly complementary capabilities and continue building a high-quality specialty adhesives platform.”
Chemlink Partners served as financial advisor to Matrix. Davis Polk & Wardwell LLP served as legal counsel to Matrix. BMO Capital Markets Corp. served as financial advisor to IPS. Latham & Watkins LLP served as legal counsel to IPS.
About Matrix Adhesives Group
Matrix Adhesives Group is an adhesive and sealant solutions development partner. The company specializes in formulating, filling, blending, and contract packaging for consumer and industrial markets. For more information, please visit www.matrixadhesives.com.
About IPS Adhesives
IPS Adhesives is a provider of adhesives serving the surfacing, structural, and assembly industries. With a combined 65 years of expertise in research and development, its products are recognized by OEMs and fabricators globally for their quality, strength, and reliability. IPS Adhesives has three state-of-the-art manufacturing facilities on two continents and a broad network of distributors serving countries worldwide. For more information, please visit: www.ipsadhesives.com.
About TruArc Partners
TruArc Partners is a private equity firm focused on middle-market investments. TruArc focuses on companies in attractive sub-sectors across specialty manufacturing and business services. The TruArc investment team collaborates with its operating partners and portfolio management teams to create value through a transformational growth strategy led by organic or acquisition-driven growth. To learn more about TruArc visit www.truarcpartners.com.
July 21, 2026
Q2 Chemicals Global M&A
List of Transactions; Lots of PE money!
6/30/26 Remaining 80%
stake in Biotelliga Corteva, Inc. $90.0M –
- Corteva, Inc. has acquired the remaining 80% stake it did not already own in
Biotelliga, a New Zealand–based agricultural biotechnology company focused on
developing safe and sustainable solutions for managing crop pests and diseases. - Corteva intends to continue operating the business out of New Zealand, leveraging
Biotelliga’s microbial library to expand its lineup of bio-pesticides and sustainable
farming products.
6/30/26 Creative Engineers Oklo Inc. – –
- Oklo Inc. has acquired Creative Engineers (“CEI”), a Pennsylvania-based chemical
process engineering company, with a specialized focus on alkali metals, performance
metals, and specialty chemical systems. - Brings CEI’s specialized capabilities in liquid -metal systems, component
development, fabrication, manufacturing, and applied R&D into Oklo’s team,
strengthening technical areas directly relevant to sodium handling, thermal systems,
and Oklo’s sodium -cooled, Aurora powerhouse technology. - Oklo’s Aurora powerhouse is a sodium -cooled fast reactor designed to use liquid-
metal cooling, passive safety characteristics, and natural circulation to support decay
heat removal after shutdown, making sodium systems expertise directly relevant to
Oklo’s planned deployment pathway.
6/26/26 Shengnova Advanced
Materials JV
SI Group;
Shengxiao Group – –
- SI Group, a Texas-based manufacturer of performance additives, process solutions,
and chemical intermediates, and Shengxiao Group, a China-based producer of liquid
crystal polymer monomers and specialty chemicals have announced the formation of
Shengnova Advanced Materials JV. The JV combines Shengxiao Group’s biphenol
manufacturing assets and regional market access with SI Group’s proprietary
technology and global biphenol expertise. By bringing these capabilities together, the
JV is designed to increase supply of biphenol in China. - Biphenol is an important monomer used in liquid crystal polymers,
polyphenylenesulfone, and other applications. The JV positions both partners to
support growing demand across sectors including electronics, automotive, and
medical, where high-performance materials are essential to next-generation
applications.
6/25/26 Advanced Medical
Solutions
H.B. Fuller
Company $943M 12.9x
- H.B. Fuller Company has agreed to acquire Advanced Medical Solutions (“AMS”), a
United Kingdom–based manufacturer of a range of products for the surgical, wound
care, and wound-closure markets. - The acquisition will extend H.B. Fuller’s capabilities across tissue bonding adhesives,
tapes and dressings, and formulated biosurgicals. - “This transaction is a rare opportunity to advance the evolution of our portfolio.” said
Celeste Mastin, President and CEO of H.B. Fuller. “We have long been clear that
medical is a core strategic growth market for H.B. Fuller given its durable demand
trends, high regulatory-based entry barriers, and margin profile. Accordingly, we
have thoroughly analyzed this structurally scarce market to identify the most
attractive assets and growth opportunities.“ - H.B. Fuller expects to capture approximately $55 million in combined run-rate
revenue and cost synergies by 2031, including the elimination of public company
costs, rationalization of certain overlapping expenses, and sourcing savings. AMS is
expected to increase H.B. Fuller’s annual revenues by approximately $300 million
(3.15x EV / Revenue), while driving positive mix shift, creating significant revenue
growth and EBITDA compounding opportunities. - EBITDA multiple is based on current consensus forecast for 2026 AMS EBITDA.
6/24/26 Anviplas Spain GreenDot Global
(Agilyx ASA) – –
- GreenDot Global has acquired Anviplas Spain, a Spain-based LDPE film recycling
specialist. Anviplas processes post-commercial and post-industrial films with an
annual recycling capacity of 30,000 tons. - The transaction marks GreenDot’s entry into Spain, one of Europe’s largest and most
strategically important plastics markets, and represents another important step in
Agilyx’s strategy to build a leading pan-European platform for high-quality recycled
plastics. - Anviplas has approximately 70 employees and is expected to generate revenue of
EUR 25 million in 2026.
SECOND
Announced
Date Target Acquirer Value EBITDA
Mult. Details
6/24/26 GFF S.r.l. Ambienta SGR – –
- Ambienta SGR has made an investment in GFF S.r.l., an Italy-based developer and
producer of natural flavors for the food and beverage industry. GFF serves more than
250 small and medium-sized food & beverage producers with custom-developed
flavors, extracts and essential oils for sweet, savory, beverage and nutraceutical
applications. - Ambienta will aim to capitalize on the continued transition from synthetic to natural
flavors.
6/19/26 Synthomer a.s.
(Synthomer plc)
Mutares SE & Co.
KGaA $27.5M –
- Mutares SE & Co. KGaA has agreed to acquire Synthomer a.s., a Czech Republic-
based producer of acrylic acids and acrylic esters for the European merchant market. - Represents a strategic platform investment for Mutares’ Chemicals & Materials
segment. According to Mutares, the transaction is fully aligned with Mutares’ strategy
of acquiring businesses with significant operational improvement potential from
special situations, and provides a clear path towards substantial value creation. - The acquired business has 300 employees and generates revenue of approximately
$125 million (0.22x EV / Revenue).
6/19/26
VanDeMark
Chemical
(SK Capital
Partners)
Valiant Energy
Management – –
- Valiant Energy Management has acquired VanDeMark Chemical, a New York–based
producer of phosgene derivatives and specialty chemical intermediates serving
customers across the defense, pharmaceutical, agricultural, industrial,
biotechnology, and specialty chemical sectors. - As part of the acquisition, Valiant intends to maintain and grow operations at the
Lockport, New York facility while pursuing opportunities to enhance manufacturing
capabilities, develop new products, strengthen customer relationships, and expand
the business over time.
6/18/26
Chemical Company
of Malaysia Berhad
(Batu Kawan Berhad)
TMK Chemical
Bhd. $227M –
- TMK Chemical Bhd. has agreed to acquire Chemical Company of Malaysia Berhad
(“CCM”), a Malaysia-based company that operates two main business units: chlor-
alkali and Polychem. The chlor-alkali division specializes in the production of caustic
soda, potassium hydroxide, and a wide array of chlor-alkali-based products and
derivatives. The Polychem unit focuses on manufacturing polymer coatings and
inorganic water treatment derivatives, catering to both domestic and regional
markets.
- Expands TMK Chemical’s scale, broadens its product portfolio and diversifies
earnings.
6/18/26
Semiconductor
chemicals business
of Heraeus Epurio
Brewer Science – –
- Brewer Science has agreed to acquire the semiconductor chemicals business of
Heraeus Epurio. The transaction will include the Heraeus Epurio semiconductor
chemicals production site in Dayton, Ohio, along with the associated sales and
support personnel in Asia. - Expands Brewer Science’s advanced materials portfolio and strengthens its ability to
support semiconductor customers with highly specialized, ultrapure chemical
solutions critical to advanced lithography and microdevice fabrication.
6/17/26 ClarityChem
Rochester
Midland
Corporation
(Peak Rock
Capital)
- –
- Rochester Midland Corporation has acquired ClarityChem, a New York–based
provider of custom integrated commercial, institutional, and industrial water and
process treatment solutions. - Jordan Campbell, Senior Managing Director of Peak Rock Capital, said, “The
acquisition of ClarityChem accelerates Rochester Midland’s growth and industry
position within water treatment. This partnership enables Rochester Midland to
expand its service presence and capabilities for its valued customer base.”
Announced
Date Target Acquirer Value EBITDA
Mult. Details
6/16/26 Huntsman
Corporation Olin Corporation $4.8B 13.1x
- Olin Corporation and Huntsman Corporation have agreed to combine in an all-stock
merger of equals to create a leading North American chemicals company. The
combined organization, which will be renamed OlinHuntsman Corporation following
the close of the transaction, will benefit from enhanced scale, scope and expanded
chlorine optionality, enabling it to create value across markets and cycles. The
vertical integration of Olin and Huntsman’s complementary upstream and
downstream businesses brings together cost-advantaged North American assets and
feedstocks with differentiated formulations and high-value advanced materials. - Olin and Huntsman have identified more than $300 million of cost synergies and
integration benefits, with the vast majority realized within 24 months and all expected
by the end of year three. These synergies will be driven by purchasing and raw
material integration, optimization of operations and SG&A savings. The companies
have also identified an additional $100 million of raw material integration benefits
starting in 2031. In addition to the $400M+ synergies, OlinHuntsman expects to realize
approximately $125 million of cash tax benefits through the acceleration of Net
Operating Losses. - Under the terms of the agreement, Huntsman shareholders will receive 0.5476
shares in Olin for every one share of Huntsman. Upon completion of the transaction,
Olin shareholders will own approximately 54.5% and Huntsman shareholders will
own approximately 45.5% of the combined company. - Upon closing of the transaction, current Olin President and CEO, Ken Lane, will serve
as CEO of OlinHuntsman. Current Chairman, President and CEO of Huntsman, Peter
Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of
Directors. Current Huntsman Executive Vice President and CFO, Phil Lister, will serve
as the CFO of the combined company. - EBITDA multiple was calculated using Olin management adjusted Huntsman
projections for 2026 Adjusted EBITDA.
6/12/26 Bio–Dex
Laboratories
HASA (Wind Point
Advisors) – –
- HASA has acquired Bio–Dex Laboratories, an Arizona-based manufacturer of
professional-grade swimming pool and spa maintenance chemicals. - Represents a strategic addition to HASA’s growing portfolio of ancillary products,
further enhancing its ability to serve pool service professionals with a comprehensive
suite of solutions.
6/10/26 Beverage Flavors
International
FlavorSum
(Warburg Pincus) – –
- FlavorSum has acquired Beverage Flavors International (“BFI”), an Illinois-based
manufacturer of proprietary beverage flavor bases and sweetener solutions. BFI
provides complete, ready-to-use flavor bases for both carbonated beverages and still
fruit-flavored drinks and supports bottling operations internationally. - Expands FlavorSum’s beverage systems capabilities.
6/10/26 Wise Coatings
Premium Service
Brands
(Susquehanna
Private Capital)
- –
- Premium Service Brands has acquired Wise Coatings, a Florida-based manufacturer
of premium floor coating solutions for residential and commercial applications,
including garages, basements, patios, warehouses, showrooms, and other concrete
surfaces. - Marks a milestone in Premium Service Brands’ growth strategy and reinforces the
company’s commitment to building a comprehensive home services platform.
6/9/26 KKT Innovation
Labs Capsum Inc. – –
- Capsum Inc. has acquired KKT Innovation Labs, a Florida-based provider of cosmetic
chemistry and product development services for the clean beauty industry. - Strengthens Capsum’s ability to serve brands globally while accelerating growth in
the United States market.
6/8/26 Perlon GmbH Wuxi Yinda Nylon – –
- Wuxi Yinda Nylon has acquired Perlon GmbH, a Germany-based producer of synthetic
monofilaments with four divisions: Paper Machine Clothing, Technical Brushes,
Advanced Technical Textiles, and Dental & Personal Care. Its filaments are used in a
broad range of end products, including cleaning articles, tennis racket strings, fishing
lines, toothbrushes, nail polish brushes and other cosmetic products. - Perlon ran into financial difficulties in 2025 and the Augsburg Local Court opened
insolvency proceedings under self-administration on October 1st. Wuxi Xingda Nylon
prevailed in an international investor process.
6/5/26 Eurofragance Givaudan SA – –
- Givaudan SA has agreed to acquire Eurofragance, a Spain-based fragrance creation
house specializing in the design and production of fine fragrances, as well as
fragrances for personal and home care products. - Marks an important milestone in Givaudan’s 2030 strategy, aiming to expand its
presence and capabilities across local and regional markets to drive sustained
6/2/26
Qemetica’s salt
business in Poland
and Germany
K+S Group EUR 380M 7.0x
- K+S Group has agreed to acquire Qemetica’s salt business in Poland and Germany.
The two Qemetica sites focus on the production of specialty salts for water softening
and the food industry. - K+S CEO Dr. Christian H. Meyer stated, “The acquisition of Qemetica’s two evaporated
salt sites offers us an opportunity to further expand our salt business in Central and
Eastern Europe.” - The acquired business generates revenue of approximately EUR 125 million (3.05x EV
/ Revenue).
6/1/26 HKO (Compagnie de
Saint-Gobain S.A.) DUBAG Group – –
- DUBAG Group has acquired HKO, a Germany-based manufacturer of technical textile
components for high-temperature insulation mainly for automotive and industrial
applications. - Represents an opportunity for DUBAG Group to further develop a niche industrial
business with specialized technological expertise and an established customer base. - HKO generated revenue of EUR 45 million in 2025 and has 220 employees.
6/1/26
Draslovka Holding’s
eFUME business
(BPD Partners;
Oaktree Capital)
Detia Degesch
Group – –
- Detia Degesch Group has acquired Draslovka Holding’s eFUME business, based in
Prague. The acquired business produces eco-friendly, fast-acting post-harvest
fumigant used for agricultural biosecurity and produce; mainly for the fresh fruit
industry. - According to Detia Degesch, the acquisition is “specifically expanding its product and
service portfolio in the international market and laying the foundation for sustainable
growth and innovative solutions for customers worldwide.”
6/1/26
OCI Nitrogen B.V.
(50% stake from
OCI N.V.)
AGROFERT EUR 110M –
- AGROFERT has acquired a 50% stake in OCI Nitrogen B.V. (“OCIN”), a Netherlands-
based producer of ammonia for mineral fertilizers and melamine production. - Following completion of the transaction, AGROFERT will assume operational control
of OCIN, including majority board representation, while OCI will retain a 50%
economic interest together with customary joint venture protection rights. - The agreement also includes a put/call option for the remaining 50% stake,
exercisable by either OCI or AGROFERT from two years after close of the transaction,
through a pre-agreed 7.0x multiple applied to the average pro-forma adjusted
EBITDA of the preceding two years.
5/29/26
90% stake in the
Food Ingredients
Business of
International Flavors
& Fragrances Inc.
CVC Capital
Partners $4.2B 9.8x
- CVC Capital Partners has agreed to acquire a 90% stake in the Food Ingredients
Business of International Flavors & Fragrances Inc. (“IFF”). IFF’s Food Ingredients
business is a globally recognized leader in texturants, emulsifiers, plant-based
solutions, and other specialty ingredients serving multinational food and beverage
customers. - As part of the transaction, IFF has chosen to retain an approximately 10% minority
equity interest in the business, or approximately $200 million, permitting continued
collaboration and cooperation between IFF and Food Ingredients and allowing IFF
and its shareholders to participate in future value creation under its new ownership. - The transaction marks a significant step in IFF’s portfolio transformation and is
expected to strengthen the company’s focus on its innovation -driven businesses:
Taste, Scent, and Health & Biosciences. - IFF’s Food Ingredients business generated revenue of approximately $3.1 billion
(1.35x EV / Revenue) in 2025.
5/29/26
Polymer Adhesives
(DalFort Capital
Partners)
DiversiTech
Corporation
(Partners Group
Holding)
- –
- DiversiTech Corporation has acquired Polymer Adhesives, a Texas-based
manufacturer of high-performance duct sealants, adhesives, and fire-stopping
materials. - Expands DiversiTech’s presence in adhesives, sealants, and fire-stopping materials,
particularly within HVAC-related applications. Polymer Adhesives’ expertise in duct
sealants and specialty adhesive formulations complements DiversiTech’s established
HVAC product portfolio and strengthens its ability to serve contractors, distributors,
and industrial customers.
5/29/26
Soda Aromatic Co.,
Ltd. JV (Mitsui & Co.,
Ltd.; Toray
Industries, Inc.)
Samyang
Corporation
Japan, Inc.
(Samyang
Corporation)
$258M –
- Samyang Corporation Japan, Inc. has acquired Soda Aromatic Co., Ltd., a Japan-
based JV that manufactures flavors, fragrances, and related products. - Samyang will acquire 66% of shares from Toray and 34% of shares from Mitsui. Toray
has positioned enhancing capital efficiency and sustainable value creation through
portfolio optimization as key management priorities under its Medium-Term
Management Program, IGNITION 2028. According to Toray, the transaction reflects
its efforts to enhance capital efficiency and corporate value by allocating
management resources from a best-owner perspective. Toray states that it will
continue to allocate its management resources to deepen growth and create value.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
5/28/26 CORMETECH Inc. Johnson Matthey $360M 10.3x
- Johnson Matthey has agreed to acquire CORMETECH Inc., a North Carolina–based
manufacturer of selective catalytic reduction catalysts providing emissions control for
stationary power generation and industrial applications. - Enhances Johnson Matthey’s Clean Air Solutions business and position in the United
States power generation market, which is benefiting from the rapid expansion in data
center construction. - An additional earn-out consideration of up to a total of $100 million may be payable in
cash during calendar years 2028 and 2029, conditional on CORMETECH achieving
certain financial performance targets. - CORMETECH generated 2025 revenue of $129 million (2.79x EV / Revenue) and has
approximately 350 employees.
5/20/26 BASF’s silicates
business
PQ LLC
(Cerberus Capital
Management;
Koch Minerals &
Trading, LLC)
- –
- PQ LLC has agreed to acquire BASF’s silicates business. Under the terms of the
agreement, PQ will acquire the sodium silicates business and the associated activities
at BASF’s Düsseldorf/Holthausen site. PQ expects to continue and further develop
the business under its ownership ensuring business continuity for customers and
partners. - “BASF’s silicates business is an excellent strategic fit for our existing silicate
network,” said Al Beninati, President and CEO of PQ. “The site’s central geographic
location, highly skilled workforce, existing long-term partnerships with key
customers and world-class facility provide an excellent foundation for further growth
of the business. This acquisition will further enable PQ to serve our global customers
with reliable quality and cost-effective solutions.”
5/14/26
Several of Chevron’s
downstream assets
in Southeast Asia
and Australia
ENEOS Holdings $2.2B –
- ENEOS Holdings has agreed to acquire several of Chevron’s downstream assets in
Southeast Asia and Australia. The acquisition includes the downstream fuels and
lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia,
Vietnam and Indonesia. - Through this acquisition, ENEOS aims to expand its fuel and lubricants supply and
sales operations in the region and to increase earnings opportunities by enhancing its
trading capabilities and acquiring overseas assets.
5/14/26
European runway
de-icer business of
Perstorp Holding AB
Addcon (Esseco
Industrial
(Esseco Group))
- –
- Addcon has acquired the European runway de-icer business of Perstorp Holding AB,
a producer of biodegradable, non-toxic chemical solutions for the removal of ice and
snow from runways and airport infrastructure. - Strengthens Esseco’s presence in the European airport de-icing market. The
transaction represents a strategic step in the European de-icing sector and enables
Addcon to consolidate and expand its presence across major airports in Germany,
Austria and Switzerland, while further strengthening its position in Eastern Europe
and the Baltic markets.
5/13/26 Capitol Plastics
Recycling
Triumvirate
Environmental
(Berkshire
Partners LLC)
- –
- Triumvirate Environmental has acquired Capitol Plastics Recycling, a North Carolina–
based industrial plastics recycler offering sortation, compaction, size reduction, and
pelletizing services. - Represents a strategic opportunity for Triumvirate Environmental to further enhance
its service offerings and geographic reach while positioning Capitol Plastics Recycling
Inc. for continued growth under experienced environmental industry leadership.
5/13/26 Incendin
(STRACO)
Fremman
Limited – –
- Fremman Limited has agreed to acquire Incendin, a Belgium-based manufacturer of
fire-fighting agents, flame-retardants and fire-resistant coatings. - Fremman will aim to strengthen Incendin’s market position, accelerate the transition
to fluor-free technologies, and support the expansion of Incendin’s product portfolio
and international scale-up, with a particular focus on the United States.
5/11/26 Tergent Limhamnshus
Industri – –
- Limhamnshus Industri has acquired Tergent, a Sweden-based developer of
environmentally friendly chemical products for agriculture, green spaces,
remediation, and home and garden, with offerings for both professional users and
consumers. - Strengthens and broadens Limhamnshus Industri’s product portfolio within
agriculture, public green environments, sanitation, and home and garden care.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
5/8/26
Vasu Chemicals’
Water Treatment
business
Dorf Ketal
Chemicals LLC – –
- Dorf Ketal Chemicals LLC has acquired Vasu Chemicals’ Water Treatment business,
an India-based provider of industrial water treatment solutions, offering a
comprehensive portfolio of specialty chemicals, process solutions and integrated
dosing systems for water treatment plants and industrial applications. - “The acquisition represents a strategic step for Dorf-Ketal to expand into adjacent,
high-value specialty chemical applications, strengthen its integrated solutions
offerings, deepen customer engagement, and create a scalable platform for
expansion into water treatment solutions.” said Sudhir Menon, Chairman and
Managing Director of Dorf-Ketal.
5/7/26 FMC India
(FMC Corporation)
Crystal Crop
Protection
(International
Finance
Corporation;
Everstone Capital
Asia Pte Ltd)
$252M –
- Crystal Crop Protection has agreed to acquire FMC India, an India-based producer of
diamides, active ingredients, and biologicals. - In July 2025, FMC announced its decision to divest the company’s crop protection
commercial business in India, enabling FMC to participate in the Indian market
through a new go-to-market approach while deploying resources to its highest-
growth opportunities globally.
- Through this transaction, Crystal Crop Protection Limited will acquire FMC India’s
commercial operations in the crop protection field, including a license to FMC’s
brands sold in India. Crystal Crop Protection Limited will also receive a preferred
supply agreement for certain FMC active ingredients and formulated products, as
well as preferred access to FMC’s pipeline of active ingredients in India for the crop
protection field.
5/6/26
Real Aromi Flavours
Division of Illva
Saronno
GFF – –
- GFF has acquired the Real Aromi Flavours Division of Illva Saronno, an Italy-based
producer of natural extracts from spices and botanical ingredients. - Further grows GFF’s footprint in the Italian natural extracts industry.
5/6/26 Cygyc Biocon WVT (Siparex) – –
- WVT has acquired Cygyc Biocon, a Spain-based producer of enzyme-based,
sustainable solutions for cleaning, disinfection, agriculture, animal feed, and food. - Strengthens WVT’s position as a provider of sustainable hygiene solutions, expanding
its capabilities across detergents, disinfection, food and agricultural markets.
5/6/26 Azomures
(Ameropa)
Romgaz EUR 69.0M –
- Romgaz has agreed to acquire Azomures, a Romania-based fertilizer producer.
Romgaz will acquire Azomures’ operational business as a functioning entity, with its
assets, activities and ongoing operations continuing without interruption. Azomures
has repeatedly reduced or stopped its activity in recent years due to high natural gas
prices. - The purpose of the transaction is to diversify Romgaz’s activity, capitalize on natural
gas in industrial activities with high added value and to create the premises for
continuing the plant activity.
5/4/26
Fox River
Resources
Corporation
(Global Strategic
Management Inc.)
Avenir Minerals
(Agnico Eagle
Mines Limited)
$65.5M –
- Avenir Minerals has agreed to acquire all the shares it does not already own in Fox
River Resources Corporation, a Canada-based company that holds a 100% interest in
the Martison Phosphate Project near Hearst, Ontario. Planned as a vertically
integrated operation, the project harnesses a high-grade, large-scale igneous
phosphate deposit capable of providing a secure domestic supply of phosphate
fertilizers as well as purified phosphoric acid for the LFP battery industry. - Represents Avenir Minerals’ first platform level entry into a critical minerals asset.
5/3/26
Phoenix Flavors &
Fragrances Inc.
(SK Capital Partners)
Klabin-Turpaz,
Inc. (Turpaz
Industries Ltd.)
$100M 14.5x
- Klabin-Turpaz, Inc. has acquired Phoenix Flavors & Fragrances Inc., a New Jersey–
based developer and manufacturer of fragrance and flavor extracts. - Karen Cohen Khazon, CEO of Turpaz Industries, said, “The acquisition of Phoenix
marks an important strategic step for Turpaz and significantly strengthens our
presence in North America – one of the most important flavor and fragrance markets
in the world. By integrating Phoenix with our existing U.S. Klabin operations, we are
creating a full-scale operational platform in the U.S., spanning development,
production, marketing and sales, in both the fragrance and flavor sectors, that we
believe will support our continued growth in the region.“ - Phoenix generated revenue of $36.8 million (2.7x EV / Revenue) in 2025 and has 76
employees.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
5/1/26
Calabrian sulfur
dioxide and related
sulfur derivatives
business of INEOS
Enterprises (INEOS
Inovyn INEOS AG))
Ecovyst Inc. $190M 8.0x
- Ecovyst Inc. has agreed to acquire the Calabrian sulfur dioxide and related sulfur
derivatives business of INEOS Enterprises. Through its manufacturing facilities in
Port Neches, Texas and Timmins, Ontario, Canada, Calabrian is a leading producer of
sulfur dioxide and related sulfur derivatives in North America, serving key end uses
including mining, water treatment and specialty chemical production. - Expands Ecovyst’s existing product and service offering through further expansion
into the sulfur dioxide, sodium bisulfite, sodium thiosulfate and sodium metabisulfite
product groups.
5/14/26 Tate & Lyle plc Ingredion
Incorporated $5.1B 9.3x
- Ingredion Incorporated has announced a recommended all-cash offer for the
acquisition of Tate & Lyle PLC, a United Kingdom–based producer specialty
ingredients and solutions which reduce sugar, calories and fat, add fiber and protein,
and provide texture and stability to food and drink in categories including beverages,
dairy, bakery, snacks, soups, sauces, and dressings. - According to Ingredion, “The Acquisition represents a compelling opportunity to bring
together two complementary businesses with a shared commitment to innovation,
customer partnership and scientific excellence. Together, the combined group will be
better positioned to help customers address evolving consumer needs by delivering
products that are nutritious and affordable, with the taste, texture and quality that
consumers expect. By combining complementary ingredient portfolios, technical
expertise and geographic supply networks, the Acquisition will accelerate Ingredion’s
ongoing transformation and enhance its ability to support customers as they address
the trends reshaping the global food and beverage industry.“ - Tate & Lyle generated revenue of approximately $2.7 billion (1.89x EV / Revenue) for
the period ending March 31, 2026.
5/1/26
Polyvinyl chloride
and vinyl chloride
monomer production
site in Wilhelmshaven,
Germany (Vynova
Wilhelmshaven
GmbH)
Westlake Vinnolit
GmbH & Co. KG
(Westlake
Corporation)
- –
- Westlake Vinnolit GmbH & Co. KG has agreed to acquire a PVC and vinyl chloride
monomer production site in Wilhelmshaven, Germany. The Wilhelmshaven plant,
which was previously in insolvency administration, has the capacity to produce
380,000 metric tons of PVC per year. - “This acquisition strengthens our Performance & Essential Materials business by
expanding our global chlorovinyls manufacturing footprint and complements our
existing chlorovinyl production facilities in Europe and North America,” said Jean –
Marc Gilson, President and CEO of Westlake.
4/30/26
DOMO Engineered
Materials
(DOMO Group)
Lone Star Funds – –
- Lone Star Funds has agreed to acquire DOMO Engineered Materials (“DOMO EM”), a
Belgium-based producer of polyamide-based engineered materials and its leading
TECHNYL® brand supports a wide range of high-performance applications in the
automotive, electrical and electronics, building and construction, consumer goods
and industrial sectors. - The acquisition of DOMO EM follows the completion of Lone Star’s acquisition of
RadiciGroup’s High Performance Polymers and Specialty Chemicals business areas.
The DOMO EM and RadiciGroup businesses will be combined and will then benefit
from a broad and complementary product portfolio, expanded geographic reach and
enhanced capabilities, providing the platform with industrial resiliency and new
growth opportunities.
4/29/26
Treatt plc
(72.10% stake from
Schroder Investment
Management Limited)
Döhler Finance
Management $233M 11.9x
- Döhler Finance Management has agreed to acquire the remaining 72.10% stake in
Treatt plc it did not already own. Treatt plc is a United Kingdom–based manufacturer
of various natural extracts for the beverage, flavor, and fragrance markets. - Döhler has worked with Treatt for years as a strategic supplier and customer. Döhler
believes the acquisition offers strategic and operational benefits including highly
complementary portfolios and geographic reach, ability to deliver a stronger
customer proposition supported by a strong U.S. footprint, enhanced innovation
capabilities, and a scaled global platform with strategic flexibility. - Treatt generated revenue of approximately $170 million (1.37x EV / Revenue) for the
period ending March 31, 2026.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
4/28/26 dsm-firmenich’s
Action Pin business
AP Marensin
S.A.S.U. – –
- AP Marensin S.A.S.U. has acquired dsm-firmenich’s Action Pin business, based in
France. Action Pin produces plant extracts and pine derivatives, with a portfolio of
over 250 substances for use across perfumery, cosmetics, detergents, nutraceuticals,
adhesives, rubber, inks, and plant protection products. - Secures AP Marensin’s position in plant-based and pine-derived specialty ingredients
at a moment when demand for naturally sourced, sustainably produced raw
materials is accelerating across multiple end markets. - Action Pin generated revenue of EUR 50 million in 2025 and has 110 employees.
4/21/26
Isolatek
International
(SK Capital Partners)
Catchment
Capital – –
- Catchment Capital has agreed to acquire Isolatek International, a New Jersey–based
manufacturer and supplier of passive fireproofing technologies for data center,
advanced manufacturing, institutional, and commercial applications. Isolatek’s
portfolio consists of UL-certified technologies and comprises both intumescent and
cementitious-based offerings to meet customer needs across a variety of structural
projects. - Rohan Bhargava, Investment Partner at Catchment, stated, “ Isolatek is well
positioned to benefit from attractive secular growth drivers, including the structural
shift towards intumescent technologies.”
4/21/26 Asúa Products
Global Polymer
Solutions
(Investindustrial)
- –
- Global Polymer Solutions has acquired Asúa Products, a Spain-based manufacturer
of tailor-made one-packs of calcium zinc heat stabilizers and other additives for PVC
applications, with a strong presence in Europe and the Americas. - Asúa’s complementary product portfolio strengthens Global Polymer Solution’s
positioning as a one-stop European solutions provider for the thermoplastics
industry, alongside Delta Tecnic, Ultrabatch, Masterbatch, Eurocolor and Polytechs. - Asúa Products employs approximately 90 people.
4/21/26
INOVYN Produzione
Italia SpA (INEOS
Inovyn (INEOS AG))
Esseco Industrial
(Esseco Group) – –
- Esseco Industrial has agreed to acquire INOVYN Produzione Italia SpA, which
operates the Rosignano and Tavazzano sites in Italy. The Rosignano and Tavazzano
sites in Italy produce essential chemicals that underpin critical sectors, including
pharmaceuticals, energy, water treatment, food, defense and construction. The site
at Rosignano is Italy’s largest domestic chlor -alkali plant, producing caustic soda and
chlorine, which employs over 160 people. Tavazzano produces sodium hypochlorite
and employs 25 people. - “This acquisition will allow us to further strengthen our chlor -alkali division, Altair
Chemical, doubling our production capacity and expanding our presence in the
European market across both sodium and potassium derivatives. Through targeted
optimization projects, the production sites will be progressively integrated and
specialized, improving overall efficiency to better serve both domestic and
international customers. The Tavazzano site will also take on the role of a logistics
hub for Northern Italy,” said Francesco Nulli, CEO of Esseco Group and Chairman of
Esseco Industrial.
4/21/26 50/50 fire-protected
wood products JV
Hexion
(American
Securities);
CitroTech
- –
- Hexion, an Ohio-based producer of adhesives and performance materials and
CitroTech, a Colorado-based specialty chemical company delivering environmentally-
safe fire inhibitor solutions have formed a 50/50 fire-protected wood products JV.
- Through this partnership, the companies will deploy next-generation fire-retardant
solutions for the lumber and building materials industry, helping plywood, oriented
strand board, and engineered wood manufacturers integrate built-in fire resistance
more effectively and at a global scale. - According to a joint statement, the collaboration combines CitroTech’s patented,
science-backed fire-retardant chemistry—the only formulation recognized under the
Environmental Protection Agency’s Safer Choice program —with Hexion’s
understanding of wood product manufacturing, trusted relationships across the
industry, and proven ability to scale complex technologies for commercial adoption.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
4/20/26
GreenDot
Global S.à.r.l.
(19.1% stake from
Circular Resources
Sàrl)
Agilyx ASA; Lafor
2 S.à R.L. – –
- Agilyx ASA and Lafor 2 S.à R.L. have agreed to acquire a 19.1% stake in GreenDot
Global S.à.r.l., a Luxembourg-based platform for sourcing, sorting, and supplying
plastic waste for recycling. - Under the agreement, Lafor and Agilyx will jointly acquire all shares in GreenDot
currently held by Circular Resources (19.1%). Following the transaction, Agilyx’s
shareholding will increase from 46% to 50.1%, while Lafor’s shareholding will
increase from 34.9% to 49.9%. Agilyx CEO Ranjeet Bhatia will serve as Chairman of
GreenDot. - The transaction has received the required support of 2/3rds of the voting bonds under
Agilyx’s EUR 40,000,000 Subordinated Convertible Bonds 2025/2028. - GreenDot is expected to generate approximately EUR 375 million in revenue and over
EUR 22 million in EBITDA in 2026.
4/20/26
Braskem S.A.
(Controlling stake
from Novonor)
IG4 – –
- IG4 has agreed to acquire a controlling stake in Braskem S.A., a Brazil-based
polymer producer. - Under the terms of the agreement, IG4-advised fund FIP will acquire 226.3 million
common shares and 47.3 million preferred class A shares from Novonor’s NSP
Investimentos, representing approximately 50.1% of Braskem’s voting capital and
34.3% of its total share capital. - Braskem’s current capital structure has Novonor as the largest shareholder with a
38.8% stake, but 50.1% of voting capital. Petrobras owns 36.1%, with 47% of the voting
rights. - The deal involves no cash payment. In exchange for the acquired shares, the buyer
will deliver to NSP Investimentos debentures from two series of NSP’s own second
bond issuance – roughly 547.3 million debentures from the first series and 273.6
million from the second – in a structure that effectively converts Novonor’s debt
obligations into the equity being transferred. For each share acquired, the buyer will
deliver two first-series debentures and one second-series debenture.
4/17/26
Akzo Nobel
Pakistan Limited
(ICI Omicron B.V.
(Akzo Nobel N.V.))
IGI Investments
(Private) Limited
(IGI Holdings
Limited)
$58.2M 14.0x
- IGI Investments (Private) Limited has agreed to acquire Akzo Nobel Pakistan Limited,
a Pakistan-based producer of paints and coatings. - The divestment marks the latest phase of AkzoNobel’s ongoing strategic portfolio
review, which is designed to refocus the company’s capital and capabilities on leading
positions in key global markets. Akzo Nobel Pakistan Limited is mainly a Decorative
Paints business. - IGI Investments aims to expand Akzo Nobel Pakistan’s position in the domestic
market.
4/16/26
Shriram Polytech
(50% stake from
DCM Shriram)
Teknor Apex B.V.
(Teknor Apex
Company)
$11.2M –
- Teknor Apex B.V. has agreed to acquire a 50% stake in Shriram Polytech, an India-
based PVC compounding business. - This partnership represents a significant milestone in DCM Shriram’s strategy to
strengthen and grow its advanced materials Polymer compounds portfolio, and
expand and develop its global partnerships in high-growth sectors. By combining
Shriram Polytech’s strong domestic presence and manufacturing capability deep
expertise in vinyl compounds with Teknor Apex’s global formulation capabilities, the
joint venture aims to deliver high-performance and technically advanced, sustainable
specialty polymer solutions for diverse industrial applications.
4/15/26 Ozark Materials
(Ingevity Corporation) PPG Industries $65.0M –
- PPG Industries has acquired Ozark Materials, an Alabama-based provider of
pavement marking solutions including waterborne traffic paints, thermoplastic
pavement markings and glass beads. - Ozark Materials will become part of PPG’s Traffic Solutions business.
- “This acquisition strengthens our business by enhancing our ability to serve
customers throughout North America with high-quality pavement marking
solutions,” said Tom Maziarz, PPG Vice President, Traffic Solutions. “Ozark Materials
has strong operational capabilities and a team with deep industry experience. We
look forward to integrating the business into PPG.” - This transaction advances PPG’s long -term strategy to expand its pavement marking
business and bolster its ability to deliver innovative solutions for a broad range of
public- and private-sector customers. - Ozark Materials has approximately 130 employees.
Announced
Date Target Acquirer Value EBITDA
Mult. Details
4/15/26
Green hydrogen
platform in Lubmin,
Germany (Lhyfe SA)
KGAL GmbH & Co
KG; PtX
Development
- –
- KGAL GmbH & Co KG and PtX Development have acquired Lhyfe SA’s green hydrogen
platform in Lubmin, Germany. The deal enables the potential expansion of the plant’s
capacity up to 1,700 megawatts. At full capacity, the project could achieve an annual
hydrogen output of up to 160,000 tons. - Following the acquisition, KGAL, PtX Development and Lhyfe will jointly advance the
project into its next development phase. The focus will be on further technical and
commercial development, engaging with potential hydrogen offtakers and preparing
the project for implementation.
4/9/26 Majority stake
in Plastchem Parcom Capital – –
- Parcom Capital has acquired a majority stake in Plastchem, a Netherlands-based
producer of rigid and flexible PVC compounds. - In 2025, Plastchem further strengthened its sustainability credentials by launching a
dedicated PVC recycling plant, enabling the integration of recycled materials into its
product portfolio. - The acquisition marks a strategic step for Parcom to expand its footprint in the
European PVC compounding market with a strong emphasis on sustainability and
circular production.
4/2/26
Majority of the assets
of the Intrepid South
Ranch from Intrepid
Potash, Inc.
Hydrosource
Logistics $70.0M –
- Hydrosource Logistics has acquired the majority of the assets of the Intrepid South
Ranch, a 49,561 acre ranch located in New Mexico. The transferred assets include
21,793 acres of owned land, 27,858 acres associated with federal grazing leases;
water rights located on the ranch; and various other assets and interests. - The deal is part of a strategic streamlining for Intrepid, which noted that the ranch
was not in alignment with its focus on fertilizer production, and cited growing trends
of asset consolidation in the Delaware Basin that rationalized the sale. The funds
gained through this sale will now enable the company to boost its potash and Trio®
production; to capitalize on growth opportunities that align with its core business.
4/1/26 Earth Science
Laboratories
SePRO
(Stanley Capital;
Goldman Sachs)
- –
- SePRO has acquired Earth Science Laboratories (“ESL”), an Arkansas-based
manufacturer of municipal, industrial, and aquatic water treatment products for
controlling algae and cyanobacteria, and invasive species such as quagga and zebra
mussels; agricultural adjuvants, micronutrients, algaecides, and fungicides; and
recreational water treatments for pools and spas. - The addition of ESL expands SePRO’s portfolio of science-led treatment solutions,
strengthening support for the water managers, municipalities, and communities
responsible for keeping water systems clean.
4/1/26
Grupa Azoty
Polyolefins
(Grupa Azoty)
Orlen EUR 276M –
- Orlen has agreed to acquire Grupa Azoty Polyolefins (“GAP”), a Poland-based
producer of polypropylene homopolymers and copolymers. Orlen previously held
17.3% of GAP. - Orlen will also provide financing totaling EUR 314.8 million, necessary for the
completion of GAP’s restructuring, the companies said in stock market filings. - The Transaction reflects ORLEN’s 2035 Strategy regarding selective investments in
the polymer and petrochemical value chain.
4/1/26 Assets of DOMO
Caproleuna GmbH
LEUNA –
Polyamid GmbH
(InfraLeuna
GmbH; LEUNA-
Harze GmbH)
- –
- LEUNA – Polyamid GmbH has acquired the assets of DOMO Caproleuna GmbH, a
Germany-based manufacturer of nylon and intermediates. The DOMO Caproleuna
GmbH assets were acquired through an insolvency administrator. - InfraLeuna and LEUNA-Harze stated they are “fully aware of the importance of the
site, its employees, and the reliable supply to customers. Both companies share a
clear interest in jointly creating the foundation for a long-term, stable, and successful
future – in the interest of the workforce, customers, and suppliers.“ - More than 430 jobs will be preserved through the acquisition.
Courtesy of:
PNC Chemicals & Plastics Quarterly Newsletter – July 2026
PNC.com
July 12, 2026
Unsolicited Offer!
Why Carlisle Companies targets Owens Corning for an M&A combo
Owens Corning, which has a big presence in roofing, insulation and doors, would supercharge Carlisle Companies’ exposure to the residential construction market
June 30, 2026, 4:33pm by Tyler Williams
The Builder’s Daily > Products
Article Summary
A WSJ report said Carlisle has made repeated unsolicited bids to buy Owens Corning for well over $10B. Owens Corning has not entered meaningful talks, but the attempt highlights accelerating consolidation among building products players. AI Summary
As homebuilders grapple with questions of scale, access to capital and long-term competitiveness, many of their largest suppliers appear to be navigating similar strategic pressures.
Carlisle Companies‘ unsolicited pursuit of Owens Corning, reported Monday by the Wall Street Journal, suggests that the forces reshaping homebuilding boardrooms are also beginning to reshape the building-products companies that supply them.
Whether the transaction ultimately succeeds may prove less important than the question it raises: Has scale itself become one of the industry’s most valuable strategic assets?
While the exact value of the latest bid isn’t disclosed, it would reportedly be a “well-over $10 billion deal”. However, Owens Corning has yet to engage in meaningful discussions with Carlisle, suggesting that any potential deal remains highly preliminary and far from a slam dunk.
While the bid’s fate is uncertain, it has the potential to transform Carlisle into a far larger and more diversified building products manufacturer.
That logic increasingly resembles the thinking emerging elsewhere across residential construction.
Homebuilders, distributors and manufacturers alike are confronting a business environment where growth through operating execution alone is becoming more difficult. Technology investment, supply-chain resilience, customer concentration, labor shortages, insurance costs and capital requirements increasingly reward organizations capable of operating broader platforms rather than simply larger businesses.
In that sense, Carlisle’s interest in Owens Corning appears to reflect more than a desire to add revenue. It reflects an effort to assemble a more comprehensive building-envelope platform capable of serving customers across a wider range of residential and commercial applications.
If the acquisition gains steam, Carlisle could expand upon its current offerings, which include commercial roofing and waterproofing, and grow its presence in residential construction.
Owens Corning’s points of strength
Owens Corning primarily operates in residential construction, but it also has a significant commercial presence, bringing something increasingly valuable to any strategic acquirer: optionality.
Rather than depending on a single end market, its revenue spans new residential construction, residential repair and remodeling, commercial construction and non-discretionary repair activity. That diversification helps reduce cyclicality while providing exposure to multiple spending streams across the built environment.
According to an Owens Corning Q2 2026 investor presentation from May, 26% of the company’s revenue comes from non-residential projects. Meanwhile, 23% of revenue comes from new residential construction, 17% from the roughly $500 billion residential R&R sector and 34% from non-discretionary repair.
In today’s uncertain construction economy, that balance may be every bit as valuable as market share. Owens Corning focuses on three categories.
Insulation
The company is a leader in insulation for both residential and commercial products, with slightly more revenue coming from residential. According to company materials, Owens Corning’s insulation revenue has been relatively flat at about $3.7 billion annually since 2022. About 80% of that revenue comes from North American sales, while 20% derives from Europe.
Grand View Research reports that the North American insulation market is about $16.7 billion as of 2025, indicating that Owens Corning commands nearly 18% of the market.
Building code changes have increased demand for higher-performance insulation in North American homes, creating a favorable market opportunity. Owens Corning estimates that the average home now contains roughly 30% more insulation by weight than it did 10 to 15 years ago, indicating a growing market opportunity.
Roofing
Owens Corning’s roofing business, which peaked at $4.6 billion in revenue in 2024, generated $4.4 billion last year, nearly 90% of which came from business within the United States. Based on estimates that value the U.S. roofing market at about $33.5 billion in 2026, Owens Corning accounts for roughly 11% to 12% of the overall market.
About two-thirds of the firm’s roofing revenue comes from shingles, while the rest comes from components sales.
Evercore ISI’s Stephen Kim, in a research note, wrote that the takeover bid, even if it doesn’t come to fruition, reveals the “undervalued nature of the company’s roofing business.”
“Over the past year, the segment’s resilience in the face of declining industry volume set the stage for investors to rethink what is an appropriate multiple for this business. And while near-term challenges in the industry might prove to be a distraction over the next few months, we now believe the increased focus on roofing long-term earnings potential provides the missing catalyst for the shares,” Kim wrote.
Doors
Owens Corning entered the door business after it acquired Masonite International for $3.9 billion in 2024. In 2025, doors generated just over $2 billion in revenue, about 75% of which came from the United States, representing a small slice of the roughly $30 billion U.S. doors-and-windows market.
Why Owens Corning?
While Carlisle Companies has a well-established track record of acquiring smaller rivals, an acquisition of Owens Corning would be by far its largest deal to date. Carlisle generated about $5.0 billion in revenue in 2025, roughly half of Owens Corning’s top line. However, Carlisle’s $15.7 billion market capitalization exceeds Owens Corning’s roughly $11 billion valuation.
If the potential moves forward, it would significantly increase Carlisle’s scale. It would also broaden its product portfolio and greatly expand its exposure to the residential market. About 82% of Carlisle’s revenue came from commercial projects, with only 18% from residential.
Carlisle has significantly more strength in areas like waterproofing systems, building envelope technologies, commercial reroofing and replacement and single-ply commercial roofing membranes, which are designed to protect flat roofs.
Owens Corning, meanwhile, finds its strength in residential asphalt shingles, composite materials, doors and fiberglass insulation.
If the two businesses merge, Carlisle could expand into these product niches and gain significant exposure in the residential market, both new construction and repair. The combined business would create a leading roofing and insulation supplier, with additional offerings like composites, weatherproofing and doors.
Increasing M&A in building materials
Carlisle’s bid to acquire Owens Corning, even if it proves unsuccessful, signals that the highly fragmented building products distribution industry could undergo increasing consolidation in the years ahead.
The industry has already experienced significant M&A activity in recent years, led by the likes of QXO. The Brad Jacobs-backed company announced in April that it will acquire TopBuild for $17 billion, a deal that the two companies’ stockholders approved on Monday. QXO also bought Kodiak Building Partners for $2.25 billion earlier this year.
The Webb Analytics 2025 Deals Report found that 2025 generated the highest level of building materials M&A activity in a decade based on facilities acquired. Even though deal volume declined 30% and there were fewer acquirers, larger transactions played an outsized role.
Just four of the 120 reported deals last year represented 85% of all supply facilities acquired. This suggests that the industry’s largest players, like QXO, The Home Depot, Lowe’s and Builders FirstSource, are becoming increasingly influential in driving consolidation and capturing market share.
Another boardroom question
Carlisle’s unsolicited approach also arrives at a moment when public-company boards across housing-related industries are increasingly confronting similar strategic questions.
For homebuilders, recent transactions involving Taylor Morrison, Tri Pointe Homes, Landsea Homes and others have underscored how boards are weighing independence against the benefits of larger capital platforms.
Building-products manufacturers appear to be entering a comparable phase.
The question is no longer simply whether companies can continue growing independently.
It is whether shareholders may ultimately be better served through combinations capable of accelerating growth, broadening product portfolios and improving long-term competitive positioning.
Whether Owens Corning’s board reaches that conclusion remains to be seen.
But Carlisle’s proposal suggests those conversations are no longer confined to homebuilders.
July 6, 2026
Covestro Acquires Vencorex Sites
Covestro completes acquisition of former Vencorex sites in Thailand and the US
July 2, 2026 2 min read
• Covestro completes acquisition of two former Vencorex production sites for HDI derivatives in Rayong, Thailand, and Freeport, Texas, USA
• Additional capacities strengthen Covestro’s regional production network and improve supply resilience for coatings and adhesives customers
• Expanded footprint enhances reliable access to highperformance materials used in automotive, infrastructure, marine, wood furniture, electronics and other industrial applications
Leverkusen, Germany – On July 1, 2026, Covestro completed the acquisition of two former Vencorex production sites for HDI derivatives in Rayong, Thailand, and Freeport, Texas, USA.
With the acquisition, Covestro expands its production footprint for HDI derivatives and reaffirms its commitment in two important regions, while strengthening its ability to serve customers in the coatings and adhesives industry with greater flexibility and reliability.
HDI derivatives are essential building blocks for high-performance polyurethane coatings, adhesives and sealants. They are used in a broad range of applications, including automotive coatings, protective coatings for infrastructure, marine coatings, wood furniture, electronics and other demanding industrial applications.
“By adding these sites in Thailand and the US, we are strengthening our regional production capabilities and improving our ability to supply customers from locations close to them,” said Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro. “Reliable supply, regional availability and technical expertise are critical for our customers, especially in a challenging market environment. This acquisition helps us deliver even better on those needs.”
The two sites complement Covestro’s existing production network for HDI derivatives in major regions including Europe, Asia and North America. The additional capacities will further enhance Covestro’s ability to respond to customer demand and support long-term growth in high-performance and more sustainable coatings and adhesives applications.
“Strong customer relationships are built on trust, reliability and the ability to deliver value over time,” said Monique Buch, Chief Commercial Officer of Covestro. “This acquisition strengthens our position in a business where customers count on us for consistent quality, regional supply and application expertise.”
The acquisition follows Covestro’s earlier acquisition of the Resins & Functional Materials business from DSM and continued investments in organic growth, underlining the company’s commitment to the coatings and adhesives industry.
June 17, 2026
Huntsman and Olin M&A Call Highlights
Huntsman Corporation (HUN) M&A Call Transcript
Jun 16, 2026, 11:02 AM ETHuntsman Corporation (HUN) Stock
Huntsman Corporation (HUN) M&A Call June 16, 2026 8:00 AM EDT
Company Participants
Steve Keenan – Director of Investor Relations
Kenneth Lane – President, CEO & Director
Peter Huntsman – Chairman, President & CEO
Philip Lister – Executive VP & CFO
Steve Keenan
Director of Investor Relations
Thanks, Chelsea, and welcome, everyone. I’m joined on the call today by Ken Lane, President and Chief Executive Officer of Olin; and Peter Huntsman, Chairman, President and Chief Executive Officer of Huntsman. Todd Slater, Olin’s Senior Vice President and Chief Financial Officer; and Phil Lister, Huntsman’s Executive Vice President and Chief Financial Officer, will participate in the Q&A portion of today’s call. Before we begin, I’d like to remind everyone that today’s discussion regarding Olin and Huntsman includes forward-looking statements, including expectations regarding the proposed transaction. These statements are subject to risks and uncertainties, and we encourage you to review our related SEC filings for more detail. I would now like to turn the call over to Ken.
Kenneth Lane
President, CEO & Director
Thank you, Steve, and good morning, everyone. I appreciate you joining us. Today is a momentous one for Olin and Huntsman, two storied American companies with a shared commitment to safety, integrity, operational excellence and serving customers around the world, all while creating value for our shareholders. .
The all-stock merger of equals we announced this morning will create a greater than $12 billion chemicals leader with a strong North American anchor and complementary European and Asian portfolios. By integrating Olin’s strong upstream manufacturing and feedstock position with Huntsman’s differentiated downstream capabilities, we will have a world-scale, vertically integrated platform that is better positioned to serve customers and deliver resilient financial performance.
The combined portfolio also creates tangible integration opportunities across key value chains, supporting a lower cost position through the cycle. These strategic tailwinds are paired with more than $400 million of cost synergies and integration benefits. The combined business will have strong cash flow to support disciplined capital allocation including near-term deleveraging, returning capital to shareholders and investing in high-return growth projects.
I’ve spent my career in chemicals across both commodity and downstream businesses, including running a global polyurethanes business. I understand how to get the best out of these businesses in many respects, that means running them as complementary, but separate, and I’m confident we can do that while also delivering on the benefits of this transaction.
Olin’s stated strategy is to focus on strengthening our core businesses, maximizing valuations where we can achieve attractive returns through innovation and operational improvements. This transaction hits those marks. Further, as Olin Huntsman will be led by a team with the right experience and shared foundational values to ensure we are capturing all the opportunities available to us.
I’d now like to turn it over to Peter Huntsman to walk through the transaction structure and combined platform in greater detail. But before I do, I’ll take a moment to recognize Olin’s dedicated employees whose commitment and focus has made today’s milestone possible. I’m very proud to be part of the Olin team. I’d also like to acknowledge Peter and his team. As you might expect, over the course of reaching this agreement, Peter and I have spent a good deal of time together. It’s been clear what a world-class team Huntsman also has with great expertise, and most importantly, truly held values that we at Olin share.
Peter, I’m looking forward to working with you and the other directors of the Board. I know OlinHuntsman is going to do great things.
Peter Huntsman
Chairman, President & CEO
Ken, thank you very much. Good morning, everyone, and thank you for taking the time to join us. It is an honor to be here today, and I echo Ken’s enthusiasm for the opportunities ahead. As our industry continues to globalize, we compete more today against countries than companies, trade policies and global supply chains more than ever before. The opportunities this merger creates enables us to generate greater value for our shareholders, delivers exceptional services and products for our customers and provide greater opportunities and stabilities for our associates. This merger of equals takes 2 great companies and create a much stronger global leader.
So let me provide some further detail. Let’s turn to Slide #5. We have structured this combination as an all-stock merger of equals, which we believe capitalizes on the strength of both companies and present the best value creation opportunities for both sets of shareholders. Under the terms of the agreement, Huntsman shareholders will receive 0.576 shares of Olin for each Huntsman share they own, resulting in Olin shareholders owning approximately 54.5% and Huntsman shareholders owning approximately 45.5% of the combined company. The combined company will be named OlinHuntsman Corporation and will be headquartered in the Woodlands, Texas.
As Ken mentioned, we have identified more than $400 million of cost synergies and integration benefits. Our respective teams have spent a great deal of time together identifying and validating these synergies, and Ken will provide greater detail on how we will achieve them later in this presentation. The transaction is expected to close in the first half of 2027, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval from both Olin and Huntsman shareholders. Following the close, I will serve as Non-Exec Chairman of the Board of Directors, and Ken will assume the role of Chief Executive Officer. Phil Lister, will serve as Chief Financial Officer; and Todd Slater, will serve as the Chief Integration Officer.
Let’s turn to Slide #6. Let me spend a moment on the scale and benefits of the combined company. Using 2025 reported financials on a pro forma basis, the combined company would have generated approximately $12.5 billion in revenue and approximately $1.3 billion of adjusted EBITDA, including expected cost synergies. We will be anchored in cost advantage in North American assets and feedstocks with integrated portfolios that create multiple channels for improved economics and value creation across a broad range of attractive end markets. We also have identified opportunities in Europe that capitalize on our integration and downstream capabilities. With Huntsman’s relationships in these global end markets, we have a unique opportunity to deliver for our customers more profitably by leveraging Olin assets to improve efficiency across the value chain.
We can turn to Slide #7. Our industry has changed a lot over the last 5 years. Cost position, reliability and integration matters more than ever. That is why I believe this type of integration is essential to driving optionality and higher profitability now and into the future. You see on Slide 7, Olin brings advantaged upstream leadership, including an efficient cost position from U.S. Gulf Coast economics and world-scale chemical assets. Huntsman brings downstream application expertise, including leading positions in MDI and polyurethane systems ride and advanced materials, supported by deep end-market customer relationships. Put simply, we believe this combination will drive value creation for our shareholders and unlock greater profitability.
So looking at Slide 8, there is a clear indication of how integration creates value for both companies across several key value chains. The combination brings together selected Olin and Huntsman capabilities across electrochemical units to polyurethanes, electrochemical units to amines and to epoxies. Olin is strong at the front end of the value chain with the ability to make chlorine and caustic soda safely, reliably and at world scale. Huntsman is strong downstream, particularly in polyurethanes, amines, advanced materials and formulation-driven applications. By combining these capabilities, we create more reliability and better integrated supply chains capable of generating greater value to shareholders and customers.
For example, today, Olin has several existing outlets for chlorine, including vinyls, epoxy, water treatment, chlorinated organics, merchant chlorine and hydrochloric acid. Through the combination, OlinHuntsman will have additional outlets across polyurethanes, amines and advanced materials broadening participation across the value chain. It also creates a vertically integrated U.S. MDI producer. Starting in 2031 as current supply contracts expire, we expect to add an additional $100 million or more of incremental synergies. The result is a more closely integrated set of chlorine-linked value chains that benefits both businesses and positions the combined company for future downstream opportunities across high-growth end markets.
Before turning our concluding comments back to Ken, I’d like to comment that from the first meeting nearly 4 months ago, we have both seen this as a merger of opportunities where the sum of the parts create greater benefits than both companies remaining separate. I have found in Ken, a leader that shares a vision and the capability to create greater value and opportunity in this merger. Ken?
Kenneth Lane
President, CEO & Director
Thank you, Peter. The expected cost synergies and integration benefits from this combination are significant and actionable. The companies have identified more than $400 million of value with clear line of sight. Of that, we see $300 million of synergies with much of that achieved in the first 24 months following close. These synergies are expected to come from several areas, including purchasing and raw materials integration, optimization of operations and SG&A savings.
As we’ve said, we also expect to capture more value internally with more than $100 million of additional raw material integration benefits in 2031 due to expiring contracts and Olin stepping in to fill supply. We expect the cost to achieve these synergies to be approximately $150 million to $200 million.
In addition, OlinHuntsman is expected to benefit from approximately $125 million of cash tax benefits from acceleration of tax NOLs, which is not included in the synergy figure. Both Olin and Huntsman have executed complex integrations before, including the Dow Chlorine Products business, where Olin delivered more synergies than originally announced, and Huntsman’s track record of integrating multiple acquisitions of different sizes and complexity over the years. We’ll bring that same discipline and accountability to this combination.
OlinHuntsman is expected to have improved profitability and cash flow through the cycle. As we mentioned earlier, despite a challenging market backdrop on a 2025 pro forma basis, OlinHuntsman would have generated over $900 million of adjusted EBITDA. When including the expected synergies of $400 million, the combined company would have generated approximately $1.3 billion of adjusted EBITDA.
Looking across the 2021 to 2025 period on a pro forma basis, OlinHuntsman would have generated approximately $2.7 billion of average adjusted EBITDA, including the $400 million of synergies. We believe this shows the capability of the combined company to deliver compelling profitability, substantial free cash flow and importantly, greater resilience across varying operating environments.
On the following slide, we provide some more detail on the pro forma financial profile of the business. We expect to have a healthy balance sheet with an evenly weighted maturity profile, no bond maturities before 2029, and an attractive blended cost of debt of approximately 5%. Pro forma year-end 2025 net leverage would have been 4.6 times or approximately 3.2 times with full synergy implementation. And as mentioned earlier, one of our initial priorities for our free cash flow will be to deleverage.
Beyond deleveraging, our cash flow will be an engine of shareholder value creation. First, maintenance capital. We expect to invest approximately $400 million per year on a combined basis to ensure safe and reliable operations. Second, the dividend. We expect to continue a stable dividend policy supported by resilient through-cycle cash flows of the combined company. And with excess cash, we’ll prioritize returning cash to shareholders and pursuing growth projects that meet a high return threshold.
To summarize, this combination is a compelling opportunity for both sets of shareholders today and into the future. Together, Olin and Huntsman will create a greater than $12 billion North American chemicals leader that will better serve customers across diverse and growing end markets. The combination creates a vertically integrated platform with a structurally lower cost position. We’ll approach integration with discipline, including how we segment and manage the combined company so that integrated manufacturing and downstream businesses can each succeed.
OlinHuntsman will benefit from a highly experienced management team with a shared focus on value creation. This strategic combination creates greater resilience, stronger cash generation and a balance sheet that will open multiple avenues for creating value for our shareholders.
Jeffrey Zekauskas
JPMorgan Chase & Co, Research Division
What are the cash costs of achieving the synergies? And for Peter, Huntsman may have had the possibility of combining with an MDI producer. Why was it better over a longer period of time to not wait and look for an MDI opportunity rather than to merge in more of a diversification transaction?
Peter Huntsman
Chairman, President & CEO
Jeff, excellent question. I think that as we look at the MDI industry, I think that you’re probably limited to some degree with various antitrust issues on a global basis. But more importantly than just MDI, which is certainly an important part of our company, but it is certainly not the entirety of our company. And as we look at a transaction that is going to impact our downstream advanced materials, our amines, our MDI, really across the entire supply chain, this has a much greater impact on that than I think just adding more MDI tonnage, being able to have a very competitive North American cost advantage, being able to have integration opportunity in Europe.
And I think that as we look at the growing markets in Asia for both companies, we see opportunities there to leverage existing contracts, existing customer relationships and so forth. So I think there probably would be a space there for an expansion in MDI. But as I look across the board, again, across what is going to have the greatest impact for creating shareholder value across the board, this would have a much greater impact.
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