Mergers & Acquisitions

May 16, 2022

Atmos Technologies

17 Campus Boulevard, Suite 100, Newtown Square, PA  19073

Ph: (610) 436-4314                    

www.atmos-technologies.com

Three-firm merger creates new environmental solutions provider: Atmos Technologies

NEWTOWN SQUARE, PA — The merger of Rusmar, Inc., NCM Odor Control and Crowley Chemical Company brings three long-established, progressive chemical companies under one roof.

The new firm, Atmos Technologies, is a one-of-a-kind, global environmental solutions provider focusing on sustainability, recycling and regulatory compliance across a wide array of markets essential to our communities.

“The original companies, on their own, did not represent who we are as a total company,” Atmos CEO Phil Johnson said. “We wanted to add visibility to the breadth of environmental solutions and technologies we provide to our customers and the community as the new entity we have become.”

Founded in 1986 in West Chester, PA, Rusmar, Inc. specialized in the development of aqueous foam formulations and custom application equipment to enhance regulatory compliance, eliminate VOC emissions and control odors prevalent at solid waste landfills and environmental remediation sites. 

NCM Odor Control developed odor neutralization formulations and custom-fabricated application equipment essential to preventing nuisance odors from escaping to surrounding communities. Solutions include stationary, perimeter and mobile systems for odor abatement at the source that are widely utilized across North America at solid waste landfills, transfer stations and environmental remediation sites. The company was founded in 1987 in Broadheadsville, PA.

Crowley Chemical Company celebrated its 100th year in existence in 2020. It was formerly headquartered in New York City. The company’s expertise lies in the production of specialty blended solutions utilized in a wide array of sustainable end products. Markets include renewable tire & rubber applications, a patented 100% recycled asphalt technology and sustainable adhesives. Crowley’s technologies are widely used as extenders, process aids and formulary components to improve performance and processing while lowering costs. 

“This merger enhances the breadth and depth of potential solutions for our customers’ real regulatory, compliance and environmental challenges,” Johnson said. “As a one-stop solutions provider, Atmos is the only company in business in North America providing this wide a range of products and services to industries who need them.”

May 13, 2022

Armstrong Files Chapter 11

Armstrong Flooring Files Voluntary Chapter 11 Petitions; Continuing to Pursue Sale of Business Through Chapter 11 Process

Download as PDF May 09, 2022 2:09am EDT

Company to continue fulfilling orders and commitments to stakeholders, providing the highest levels of innovation, quality and service

LANCASTER, Pa., May 09, 2022 (GLOBE NEWSWIRE) — Armstrong Flooring, Inc. (NYSE: AFI), a leader in the design and manufacture of innovative flooring solutions (“Armstrong Flooring” or “the Company”), today announced that the Company and certain of its subsidiaries have filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In a continuation of its ongoing sale process, the Company intends to continue pursuing an efficient and value-maximizing sale of its business through a competitive Chapter 11 sale process. The Company’s businesses in China and Australia will not be included in the Chapter 11 filing, but they are part of the sale process.

In December 2021, Armstrong Flooring retained Houlihan Lokey Capital Inc. to assist with a process for the sale of the Company along with the consideration of other strategic alternatives. The sale process is continuing, and Armstrong Flooring hopes to consummate an orderly sale of the entire business or its core assets as soon as practicable.

“Our business and team members have been working diligently to strengthen our financial foundation in the face of several macroeconomic trends—including supply chain challenges, the current inflationary environment and continued headwinds from the COVID-19 pandemic,” said Michel Vermette, President and Chief Executive Officer. “With the support of our Board of Directors, we have determined that using the Chapter 11 process to effectuate a potential sale is the right next step for our Company. As we have said previously, we firmly believe in the value and potential of Armstrong Flooring—and we are confident that this definitive action puts us in the best possible position to preserve and maximize value for our stakeholders. In the meantime, we are open for business and remain firmly committed to our customers, vendors and employees as we navigate the path forward.”

In order to fund and preserve its operations during the Chapter 11 process, the Company has entered into a credit agreement, subject to Bankruptcy Court approval, providing for $30 million of debtor-in-possession (“DIP”) financing. Upon approval by the Bankruptcy Court, the DIP financing will provide Armstrong Flooring with the necessary liquidity to operate and cover administrative expenses as it pursues a value-maximizing sale.

The Company will file certain motions with the Bankruptcy Court requesting customary relief that will enable Armstrong Flooring to transition into Chapter 11 with as little disruption to its ordinary-course operations as possible, including support for payment of employee wages and certain benefit programs. The Company expects these motions to be approved within the first few days of the case.

For more information about Armstrong Flooring’s Chapter 11 case, please visit http://dm.epiq11.com/ArmstrongFlooring, email ArmstrongFlooringInfo@epiqglobal.com or call (888) 905-0459 for U.S. calls or +1 (503) 597-5611 for international calls.

The Company is represented in this matter by Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor, Houlihan Lokey Capital Inc. as its investment bank, and Riveron RTS, LLC as financial advisor.

About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire beauty wherever your life happens. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. The company safely and responsibly operates seven manufacturing facilities globally, working to provide the highest levels of service, quality, and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.

https://ir.armstrongflooring.com/news-events/press-releases/detail/79/armstrong-flooring-files-voluntary-chapter-11-petitions

May 13, 2022

Armstrong Files Chapter 11

Armstrong Flooring Files Voluntary Chapter 11 Petitions; Continuing to Pursue Sale of Business Through Chapter 11 Process

Download as PDF May 09, 2022 2:09am EDT

Company to continue fulfilling orders and commitments to stakeholders, providing the highest levels of innovation, quality and service

LANCASTER, Pa., May 09, 2022 (GLOBE NEWSWIRE) — Armstrong Flooring, Inc. (NYSE: AFI), a leader in the design and manufacture of innovative flooring solutions (“Armstrong Flooring” or “the Company”), today announced that the Company and certain of its subsidiaries have filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In a continuation of its ongoing sale process, the Company intends to continue pursuing an efficient and value-maximizing sale of its business through a competitive Chapter 11 sale process. The Company’s businesses in China and Australia will not be included in the Chapter 11 filing, but they are part of the sale process.

In December 2021, Armstrong Flooring retained Houlihan Lokey Capital Inc. to assist with a process for the sale of the Company along with the consideration of other strategic alternatives. The sale process is continuing, and Armstrong Flooring hopes to consummate an orderly sale of the entire business or its core assets as soon as practicable.

“Our business and team members have been working diligently to strengthen our financial foundation in the face of several macroeconomic trends—including supply chain challenges, the current inflationary environment and continued headwinds from the COVID-19 pandemic,” said Michel Vermette, President and Chief Executive Officer. “With the support of our Board of Directors, we have determined that using the Chapter 11 process to effectuate a potential sale is the right next step for our Company. As we have said previously, we firmly believe in the value and potential of Armstrong Flooring—and we are confident that this definitive action puts us in the best possible position to preserve and maximize value for our stakeholders. In the meantime, we are open for business and remain firmly committed to our customers, vendors and employees as we navigate the path forward.”

In order to fund and preserve its operations during the Chapter 11 process, the Company has entered into a credit agreement, subject to Bankruptcy Court approval, providing for $30 million of debtor-in-possession (“DIP”) financing. Upon approval by the Bankruptcy Court, the DIP financing will provide Armstrong Flooring with the necessary liquidity to operate and cover administrative expenses as it pursues a value-maximizing sale.

The Company will file certain motions with the Bankruptcy Court requesting customary relief that will enable Armstrong Flooring to transition into Chapter 11 with as little disruption to its ordinary-course operations as possible, including support for payment of employee wages and certain benefit programs. The Company expects these motions to be approved within the first few days of the case.

For more information about Armstrong Flooring’s Chapter 11 case, please visit http://dm.epiq11.com/ArmstrongFlooring, email ArmstrongFlooringInfo@epiqglobal.com or call (888) 905-0459 for U.S. calls or +1 (503) 597-5611 for international calls.

The Company is represented in this matter by Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor, Houlihan Lokey Capital Inc. as its investment bank, and Riveron RTS, LLC as financial advisor.

About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire beauty wherever your life happens. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. The company safely and responsibly operates seven manufacturing facilities globally, working to provide the highest levels of service, quality, and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.

https://ir.armstrongflooring.com/news-events/press-releases/detail/79/armstrong-flooring-files-voluntary-chapter-11-petitions

May 13, 2022

Evonik Divestitures

Evonik to Divest Performance Materials Business; Aims to Invest in Sustainable Growth

Published on 2022-05-12. Edited By : SpecialChem

TAGS:  Sustainability / Natural Coatings    

Evonik-sustainable-target

Evonik is aligning its portfolio completely to its three growth divisions: Specialty Additives, Nutrition & Care, and Smart Materials. Preparations are already under way for the exit of all three businesses of Performance Materials – Superabsorbents, Functional Solutions and Performance Intermediates. Evonik aims to find new owners or partners for each of these three businesses in the course of 2023.

EUR 3 Bn Investment in Next Generation Solutions

The proceeds from the divestment of the Performance Materials businesses and the operating cash flow in the coming years will be channeled to the green transformation. By 2030, Evonik aims to invest more than €3 billion in Next Generation Solutions – products with superior sustainability benefits.

That is around 80 percent of annual growth investments. In the same period, a further €700 million will be invested in Next Generation Technologies, i.e., the optimization of production processes and infrastructure to avoid CO2 emissions.

We are greatly increasing our handprint and reducing our footprint at the same time,” said Thomas Wessel, the executive board member responsible for sustainability.

Translated into KPIs: We will substantially increase the sales share of our Next Generation Solutions from 37 percent at present to over 50 percent by 2030.

“That includes, for example, drug delivery technologies for controlled release of pharmaceutical active ingredients, gas separation membranes for biogas and hydrogen, as well as natural-based active ingredients for cosmetics. “Our innovations help our customers make their products more sustainable and improve their climate performance,” said Wessel. The dynamic rise in demand for Next Generation Solutions is evidence of their importance and offers Evonik above-average growth potential.

Aim to Reduce CO2 Footprint

Evonik aims to reduce its footprint by significantly cutting both direct and indirect greenhouse gas emissions from production and processing. With the support of Next Generation Technologies, Evonik will reduce its scope 1 and 2 emissions by 25 percent, from 6.5 million metric tons at present to 4.9 million metric tons by 2030.

This goal is fully consistent with the requirements of the Science Based Targets (SBTi) initiative, which Evonik is committed to. At the same time, the investments in sustainability are profitable: By investing €700 million in Next Generation Technologies, Evonik will cut its operating costs by more than €100 million a year up to 2030.

The repositioned Research, Development & Innovation unit is also fully integrating sustainability into the management of Evonik’s innovation activities. “Our RD&I targets are right on track to generate additional sales of more than €1 billion with our innovation growth fields by 2030,” said Harald Schwager, the executive board member responsible for innovation. “Our innovative capability is a key factor in leveraging green and profitable growth.”

Evonik’s aspirations are supported by its venture capital activities. A new Sustainability Tech Fund with a total investment volume of €150 million will strengthen the sustainability targets by investing into innovative technologies and business models. The focus is on new technologies that will reduce emissions as well as on innovations that have a high technological fit with the Next Generation Solutions.

As part of its strategic transformation, Evonik has also reviewed its mid-term financial targets. “Despite the current challenging environment, we are confirming our core targets: an adjusted EBITDA margin of between 18 and 20 percent, a cash conversion rate of over 40 percent, and ROCE of around 11 percent,” said Evonik’s chief financial officer, Ute Wolf.

In line with the full alignment to high-growth, less cyclical specialty chemicals, Evonik now aims to achieve an organic sales CAGR of over 4 percent. Up to now, the target was volume growth of over 3 percent. The annual capex budget increases successively from the current level of around €900 million to a level between €900 million and €1 billion over the next years – as a result of investments in Next Generation Technologies to save CO2 emissions.

In addition to these ambitious financial targets, the updated sustainability targets for Evonik’s handprint and footprint will be integrated into the executive board’s long-term compensation scheme from next year.

Source: Evonik

https://coatings.specialchem.com/news/industry-news/evonik-exit-performance-materials-sustainable-growth-000227652?li=200215882&lr=ipc22051762&_hsmi=212912364&_hsenc=p2ANqtz–CAW5-TuK6Jv5GyubUyz0STM0cQwjQxMvGBisgdBMj0c5JpWyHhAlPr772ubCbkQOF_lI7W6yv_kq9Dg33SxN5KlXRPw

May 13, 2022

Evonik Divestitures

Evonik to Divest Performance Materials Business; Aims to Invest in Sustainable Growth

Published on 2022-05-12. Edited By : SpecialChem

TAGS:  Sustainability / Natural Coatings    

Evonik-sustainable-target

Evonik is aligning its portfolio completely to its three growth divisions: Specialty Additives, Nutrition & Care, and Smart Materials. Preparations are already under way for the exit of all three businesses of Performance Materials – Superabsorbents, Functional Solutions and Performance Intermediates. Evonik aims to find new owners or partners for each of these three businesses in the course of 2023.

EUR 3 Bn Investment in Next Generation Solutions

The proceeds from the divestment of the Performance Materials businesses and the operating cash flow in the coming years will be channeled to the green transformation. By 2030, Evonik aims to invest more than €3 billion in Next Generation Solutions – products with superior sustainability benefits.

That is around 80 percent of annual growth investments. In the same period, a further €700 million will be invested in Next Generation Technologies, i.e., the optimization of production processes and infrastructure to avoid CO2 emissions.

We are greatly increasing our handprint and reducing our footprint at the same time,” said Thomas Wessel, the executive board member responsible for sustainability.

Translated into KPIs: We will substantially increase the sales share of our Next Generation Solutions from 37 percent at present to over 50 percent by 2030.

“That includes, for example, drug delivery technologies for controlled release of pharmaceutical active ingredients, gas separation membranes for biogas and hydrogen, as well as natural-based active ingredients for cosmetics. “Our innovations help our customers make their products more sustainable and improve their climate performance,” said Wessel. The dynamic rise in demand for Next Generation Solutions is evidence of their importance and offers Evonik above-average growth potential.

Aim to Reduce CO2 Footprint

Evonik aims to reduce its footprint by significantly cutting both direct and indirect greenhouse gas emissions from production and processing. With the support of Next Generation Technologies, Evonik will reduce its scope 1 and 2 emissions by 25 percent, from 6.5 million metric tons at present to 4.9 million metric tons by 2030.

This goal is fully consistent with the requirements of the Science Based Targets (SBTi) initiative, which Evonik is committed to. At the same time, the investments in sustainability are profitable: By investing €700 million in Next Generation Technologies, Evonik will cut its operating costs by more than €100 million a year up to 2030.

The repositioned Research, Development & Innovation unit is also fully integrating sustainability into the management of Evonik’s innovation activities. “Our RD&I targets are right on track to generate additional sales of more than €1 billion with our innovation growth fields by 2030,” said Harald Schwager, the executive board member responsible for innovation. “Our innovative capability is a key factor in leveraging green and profitable growth.”

Evonik’s aspirations are supported by its venture capital activities. A new Sustainability Tech Fund with a total investment volume of €150 million will strengthen the sustainability targets by investing into innovative technologies and business models. The focus is on new technologies that will reduce emissions as well as on innovations that have a high technological fit with the Next Generation Solutions.

As part of its strategic transformation, Evonik has also reviewed its mid-term financial targets. “Despite the current challenging environment, we are confirming our core targets: an adjusted EBITDA margin of between 18 and 20 percent, a cash conversion rate of over 40 percent, and ROCE of around 11 percent,” said Evonik’s chief financial officer, Ute Wolf.

In line with the full alignment to high-growth, less cyclical specialty chemicals, Evonik now aims to achieve an organic sales CAGR of over 4 percent. Up to now, the target was volume growth of over 3 percent. The annual capex budget increases successively from the current level of around €900 million to a level between €900 million and €1 billion over the next years – as a result of investments in Next Generation Technologies to save CO2 emissions.

In addition to these ambitious financial targets, the updated sustainability targets for Evonik’s handprint and footprint will be integrated into the executive board’s long-term compensation scheme from next year.

Source: Evonik

https://coatings.specialchem.com/news/industry-news/evonik-exit-performance-materials-sustainable-growth-000227652?li=200215882&lr=ipc22051762&_hsmi=212912364&_hsenc=p2ANqtz–CAW5-TuK6Jv5GyubUyz0STM0cQwjQxMvGBisgdBMj0c5JpWyHhAlPr772ubCbkQOF_lI7W6yv_kq9Dg33SxN5KlXRPw