Mergers & Acquisitions
June 21, 2021
Exclusive Negotiations
Indorama is in talks to buy Oxiteno
A purchase of the Brazilian specialty chemical firm would plunge the polyester producer deeper into surfactants
by Alexander H. Tullo
June 18, 2021
Credit: Oxiteno Oxiteno’s new surfactants plant in Pasadena, Texas
The Thai chemical maker Indorama Ventures has entered exclusive negotiations with the Brazilian conglomerate Ultrapar Participações to buy Ultrapar’s specialty chemical business, Oxiteno.
The parties have yet to hammer out a purchase agreement. “Conditions of the transaction, including value, are still under consideration,” Ultra says.
Oxiteno is one of the linchpins of Brazil’s chemical industry. Among its key products are surfactants, solvents, glycols, ethanolamines, fatty alcohols, glycerin, and fatty acids. It earned $70 million in 2020 on $1.0 billion in sales. Its assets are valued at $1.7 billion.
In recent years, the company has been branching out of its home country. Its biggest such move came in 2018, when it started up a $150 million ethoxylation unit in Pasadena, Texas, on the site of a former vitamin E plant. Oxiteno claims to be the world’s second largest producer of ethoxylated chemicals, behind BASF.
Indorama has grown over the past 2 decades into a global giant in polyethylene terephthalate (PET) resins and fibers. Its sales last year were about $10 billion. And as it built its polyester business, the company became involved in surfactants as well, a direction it has embraced as a diversification maneuver.
In 2012, Indorama bought Old World Industries, a producer of ethylene glycol—a PET raw material—in Clear Lake, Texas. That plant also makes ethylene oxide, the raw material needed for ethoxylated surfactants. Indorama subsequently strengthened the business by buying and refurbishing an ethylene plant to back-integrate ethylene oxide production.
In January 2020, Indorama built on this foundation when it completed the purchase of Huntsman’s chemical intermediates and surfactants unit, a competitor to Oxiteno. That $2.1 billion deal gave Indorama plants in Chocolate Bayou, Dayton, and Port Neches, Texas, and in India and Australia.
https://cen.acs.org/business/mergers-&-acquisitions/Indorama-talks-buy-Oxiteno/99/web/2021/06
June 21, 2021
Exclusive Negotiations
Indorama is in talks to buy Oxiteno
A purchase of the Brazilian specialty chemical firm would plunge the polyester producer deeper into surfactants
by Alexander H. Tullo
June 18, 2021
Credit: Oxiteno Oxiteno’s new surfactants plant in Pasadena, Texas
The Thai chemical maker Indorama Ventures has entered exclusive negotiations with the Brazilian conglomerate Ultrapar Participações to buy Ultrapar’s specialty chemical business, Oxiteno.
The parties have yet to hammer out a purchase agreement. “Conditions of the transaction, including value, are still under consideration,” Ultra says.
Oxiteno is one of the linchpins of Brazil’s chemical industry. Among its key products are surfactants, solvents, glycols, ethanolamines, fatty alcohols, glycerin, and fatty acids. It earned $70 million in 2020 on $1.0 billion in sales. Its assets are valued at $1.7 billion.
In recent years, the company has been branching out of its home country. Its biggest such move came in 2018, when it started up a $150 million ethoxylation unit in Pasadena, Texas, on the site of a former vitamin E plant. Oxiteno claims to be the world’s second largest producer of ethoxylated chemicals, behind BASF.
Indorama has grown over the past 2 decades into a global giant in polyethylene terephthalate (PET) resins and fibers. Its sales last year were about $10 billion. And as it built its polyester business, the company became involved in surfactants as well, a direction it has embraced as a diversification maneuver.
In 2012, Indorama bought Old World Industries, a producer of ethylene glycol—a PET raw material—in Clear Lake, Texas. That plant also makes ethylene oxide, the raw material needed for ethoxylated surfactants. Indorama subsequently strengthened the business by buying and refurbishing an ethylene plant to back-integrate ethylene oxide production.
In January 2020, Indorama built on this foundation when it completed the purchase of Huntsman’s chemical intermediates and surfactants unit, a competitor to Oxiteno. That $2.1 billion deal gave Indorama plants in Chocolate Bayou, Dayton, and Port Neches, Texas, and in India and Australia.
https://cen.acs.org/business/mergers-&-acquisitions/Indorama-talks-buy-Oxiteno/99/web/2021/06
June 2, 2021
COIM Acquires Neoflex
PRESS RELEASE
Growth at COIM, with the acquisition of Spanish company Neoflex
COIM is the sixth largest Italian chemical group, number one in Italy in the
field of speciality chemicals in the production of polyesters, polyols,
polyurethanes and speciality resins. It is among the top companies in the
world in the field of polyesters for polyurethane systems.
The Neoflex acquisition – part of the company’s downstream vertical
integration strategy – will allow COIM to expand its product portfolio.
Now that Neoflex is part of the COIM Group, the company’s clients will be
served in the regions where they operate all over the world.
Milan, May 26, 2021 – C.O.I.M. S.p.A., an Italian multinational company that has been
producing speciality chemicals since 1962 and operates worldwide with eighteen
manufacturing and trading companies, acquired a controlling stake in the Spanish
company Neoflex SL at the end of April 2021.
Neoflex – founded in Elche, Spain, in 1969 – specialises in one-, two-component and
Reactive Hot Melt polyurethane adhesives for industries.
“This strategic acquisition will allow COIM to strengthen its presence in the polyurethane
adhesives market,” said Giuseppe Librandi, President and CEO of COIM. “The
downstream integration of our polyesters will allow us to decisively enter a high value-added
and growing speciality market,” Librandi continued. “There are many synergies with COIM:
Neoflex provides solutions with a low environmental impact that also use raw materials
COIM already produces. In addition, by joining a structured Group like COIM, Neoflex
customers will be able to be served not only at the national and European level, but in all
regions of the world where they operate”.
With Neoflex’s intensive research and development, it is able to offer clients a complete and
constantly evolving range of adhesives, covering traditional applications and moving
towards the most innovative production processes. Neoflex solutions are used in a number
of processes in wood-furnishing, textiles, automotive, publishing and construction, in order
to make products such as door and window frames, wood floors, furniture, fabrics for
technical garments, books and sandwich panels for the construction industry.
Ufficio stampa C.O.I.M. S.p.a: Origgi Consulting S.r.l.
Responsabile: Dott.ssa Daniela Origgi
d.origgi@origgiconsulting.it – Mob. (+39) 347 1729113
Account: Dott.ssa Martina Busnelli
pressoffice@origgiconsulting.it – Tel. (+39) 039 2307137
COIM is the sixth largest Italian chemical group, number one in Italy in the field of
speciality chemicals – in the production of polyesters, polyols, polyurethanes and special
resins – and among the top companies in the world in the field of polyesters for
polyurethane systems. The company has always pursued an expansion strategy aimed at
intensifying its global presence through subsidiaries and production facilities in local markets,
with a product mix that changes according to the types of industries that operate in the
individual areas.
“We have a ‘products follow the market’ approach. It has been, and continues to be, the
determining factor for COIM’s success all over the world,” said Giuseppe Librandi. “In
addition to internal growth, another key factor in the Group’s expansion is our policy of
acquisitions with downstream integration in order to further expand our product portfolio, as
we have seen with our very recent acquisition of Neoflex in Spain,” concluded Librandi.
June 2, 2021
COIM Acquires Neoflex
PRESS RELEASE
Growth at COIM, with the acquisition of Spanish company Neoflex
COIM is the sixth largest Italian chemical group, number one in Italy in the
field of speciality chemicals in the production of polyesters, polyols,
polyurethanes and speciality resins. It is among the top companies in the
world in the field of polyesters for polyurethane systems.
The Neoflex acquisition – part of the company’s downstream vertical
integration strategy – will allow COIM to expand its product portfolio.
Now that Neoflex is part of the COIM Group, the company’s clients will be
served in the regions where they operate all over the world.
Milan, May 26, 2021 – C.O.I.M. S.p.A., an Italian multinational company that has been
producing speciality chemicals since 1962 and operates worldwide with eighteen
manufacturing and trading companies, acquired a controlling stake in the Spanish
company Neoflex SL at the end of April 2021.
Neoflex – founded in Elche, Spain, in 1969 – specialises in one-, two-component and
Reactive Hot Melt polyurethane adhesives for industries.
“This strategic acquisition will allow COIM to strengthen its presence in the polyurethane
adhesives market,” said Giuseppe Librandi, President and CEO of COIM. “The
downstream integration of our polyesters will allow us to decisively enter a high value-added
and growing speciality market,” Librandi continued. “There are many synergies with COIM:
Neoflex provides solutions with a low environmental impact that also use raw materials
COIM already produces. In addition, by joining a structured Group like COIM, Neoflex
customers will be able to be served not only at the national and European level, but in all
regions of the world where they operate”.
With Neoflex’s intensive research and development, it is able to offer clients a complete and
constantly evolving range of adhesives, covering traditional applications and moving
towards the most innovative production processes. Neoflex solutions are used in a number
of processes in wood-furnishing, textiles, automotive, publishing and construction, in order
to make products such as door and window frames, wood floors, furniture, fabrics for
technical garments, books and sandwich panels for the construction industry.
Ufficio stampa C.O.I.M. S.p.a: Origgi Consulting S.r.l.
Responsabile: Dott.ssa Daniela Origgi
d.origgi@origgiconsulting.it – Mob. (+39) 347 1729113
Account: Dott.ssa Martina Busnelli
pressoffice@origgiconsulting.it – Tel. (+39) 039 2307137
COIM is the sixth largest Italian chemical group, number one in Italy in the field of
speciality chemicals – in the production of polyesters, polyols, polyurethanes and special
resins – and among the top companies in the world in the field of polyesters for
polyurethane systems. The company has always pursued an expansion strategy aimed at
intensifying its global presence through subsidiaries and production facilities in local markets,
with a product mix that changes according to the types of industries that operate in the
individual areas.
“We have a ‘products follow the market’ approach. It has been, and continues to be, the
determining factor for COIM’s success all over the world,” said Giuseppe Librandi. “In
addition to internal growth, another key factor in the Group’s expansion is our policy of
acquisitions with downstream integration in order to further expand our product portfolio, as
we have seen with our very recent acquisition of Neoflex in Spain,” concluded Librandi.
June 1, 2021
Robert Jamieson Back to Work
SK Capital Announces Acquisition of Canlak and Valentus Specialty Chemicals
Provided by Business Wire May 27, 2021 6:30 AM EDT
SK Capital Announces Acquisition of Canlak and Valentus Specialty Chemicals
Businesses will be combined to create leading wood coatings company
Funds advised by SK Capital Partners, LP (“SK Capital”), a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, today announced the purchase of the Canadian coatings company Canlak Inc., and US-based Valentus Specialty Chemicals. SK Capital plans to merge the two businesses to form a premier North American wood coatings company called Canlak Coatings (the “Company”), which will be headquartered in North Brunswick, New Jersey.
“The combined Company will offer a comprehensive portfolio of wood coatings products to serve the sports, commercial and residential flooring, cabinet and furniture manufacturing sectors,” said Mario Toukan, a Managing Director of SK Capital. “We see tremendous opportunity to build upon a solid portfolio of brands, including Canlak, Poloplaz, ABSCO and Sampson Coatings, to provide value and solutions to the Company’s North American customer base.”
SK Capital, Canlak Inc. and Valentus Specialty Chemicals are working together to execute the transaction, which will result in a seamless transition for customers and suppliers alike. Normand Guindon, the current CEO of Canlak Inc., will remain actively involved with the business and will serve as Executive Chairman of the Board of the Company.
“The new Company will focus on offering the highest quality coatings that meet the market’s ever-more stringent VOC requirements,” added Randy Dearth, Senior Director of SK Capital. “Our portfolio will include a broad range of technologies, including traditional lacquers and varnishes, waterborne coatings, UV-cured coating systems and high-performance polyurethanes. We will support and grow our presence in the market through an expertly trained sales and technical staff supported by a state-of-the-art wood coatings laboratory.”
SK Capital is also pleased to announce that Robert Jamieson will be appointed as President and CEO of Canlak Coatings. Robert brings more than 30 years of experience in the chemicals industry to his new role, most recently serving as an executive of VersaFlex, a leading provider of specialty coatings, linings and foams. Robert’s experience also includes roles at Quadrant Chemical, Quadrant Urethane Technologies and Carlisle Construction Materials. “Robert’s extensive background managing chemicals businesses makes him an ideal candidate for integrating and growing Canlak Coatings,” added Toukan.
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $11 billion annually, employs more than 16,000 people globally and operates 150 plants in 28 countries. The firm currently has greater than $5 billion of assets under management. For more information, please visit www.skcapitalpartners.com.
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