Mergers & Acquisitions
March 8, 2021
DuPont Acquisition
DuPont to buy Laird Performance for $2.3 bln in electronics materials push
March 8 (Reuters) – DuPont said on Monday it would buy Laird Performance Materials for $2.3 billion from private equity firm Advent International, as it looks to expand its portfolio of advanced electronic materials that is used in areas such as smart and autonomous vehicles and fifth generation telecommunications.
Rapidly increasing demand for these materials also used in high-performance computing, artificial intelligence, and internet of things has led to electronics becoming a key growth area for DuPont.
The company last month forecast full-year profit and revenue above Wall Street expectations on the back of robust demand from chip companies and smartphone makers launching 5G handsets.
Sales in DuPont’s electronics and imaging business, which account for about 20% of total revenue, rose 9% to $1.02 billion in the fourth quarter from a year earlier.
The company, once part of the erstwhile chemical giant DowDuPont, said in February it plans to spend up to $2.5 billion of its $5 billion to $6 billion expected cash on mergers and acquisitions.
It had then said that it was working on two targets, adding it was more biased toward the electronics sector and to the electric vehicle space on the automotive side.
The industrial materials maker said it expects to realize about $60 million in pre-tax run-rate cost synergies by the end of 2024 with the majority realized in the first 18 months after the deal closes, which is expected in the third quarter of 2021.
The estimated one-time cost to achieve these synergies is about $40 million and DuPont expects the deal to be accretive to its operating core earnings margins, free cash flow, and adjusted earnings per share within the first 12 months.
DuPont also said on Monday it approved a new $1.5 billion share buyback program. (Reporting by Arathy S Nair in Bengaluru; Editing by Shailesh Kuber)
March 8, 2021
DuPont Acquisition
DuPont to buy Laird Performance for $2.3 bln in electronics materials push
March 8 (Reuters) – DuPont said on Monday it would buy Laird Performance Materials for $2.3 billion from private equity firm Advent International, as it looks to expand its portfolio of advanced electronic materials that is used in areas such as smart and autonomous vehicles and fifth generation telecommunications.
Rapidly increasing demand for these materials also used in high-performance computing, artificial intelligence, and internet of things has led to electronics becoming a key growth area for DuPont.
The company last month forecast full-year profit and revenue above Wall Street expectations on the back of robust demand from chip companies and smartphone makers launching 5G handsets.
Sales in DuPont’s electronics and imaging business, which account for about 20% of total revenue, rose 9% to $1.02 billion in the fourth quarter from a year earlier.
The company, once part of the erstwhile chemical giant DowDuPont, said in February it plans to spend up to $2.5 billion of its $5 billion to $6 billion expected cash on mergers and acquisitions.
It had then said that it was working on two targets, adding it was more biased toward the electronics sector and to the electric vehicle space on the automotive side.
The industrial materials maker said it expects to realize about $60 million in pre-tax run-rate cost synergies by the end of 2024 with the majority realized in the first 18 months after the deal closes, which is expected in the third quarter of 2021.
The estimated one-time cost to achieve these synergies is about $40 million and DuPont expects the deal to be accretive to its operating core earnings margins, free cash flow, and adjusted earnings per share within the first 12 months.
DuPont also said on Monday it approved a new $1.5 billion share buyback program. (Reporting by Arathy S Nair in Bengaluru; Editing by Shailesh Kuber)
March 4, 2021
Composites Canada Acquires Airheart Distributing
Airheart is an authorized distributor of Martin G. Scheufler and Hexion product lines which feature resin systems for the wind, marine, aerospace and sporting good end markets.
Edited by Grace Nehls Assistant Editor, CompositesWorld
Composites Canada (Mississagua, Ontario, Canada), a distributor of what is said to be Canada’s largest selection of composites materials, announced on Feb. 26 that it has acquired Airheart Distributing Inc. (Hamilton, Ontario).
Airheart is an authorized distributor of Martin G. Scheufler (MGS) and Hexion (Columbus, Ohio, U.S.) epoxy resins in North America. Composites Canada notes that the MGS and Hexion product lines feature high-performance, versatile and user-friendly resin systems for light aircraft, sporting good, marine structures and wind energy manufacturing. Composites Canada says the Airheart philosophy and high customer service standards will be maintained under the acquisition and the business will continue to operate as Airheart Distributing Inc.
https://www.compositesworld.com/news/composites-canada-acquires-airheart-distributing
March 4, 2021
Composites Canada Acquires Airheart Distributing
Airheart is an authorized distributor of Martin G. Scheufler and Hexion product lines which feature resin systems for the wind, marine, aerospace and sporting good end markets.
Edited by Grace Nehls Assistant Editor, CompositesWorld
Composites Canada (Mississagua, Ontario, Canada), a distributor of what is said to be Canada’s largest selection of composites materials, announced on Feb. 26 that it has acquired Airheart Distributing Inc. (Hamilton, Ontario).
Airheart is an authorized distributor of Martin G. Scheufler (MGS) and Hexion (Columbus, Ohio, U.S.) epoxy resins in North America. Composites Canada notes that the MGS and Hexion product lines feature high-performance, versatile and user-friendly resin systems for light aircraft, sporting good, marine structures and wind energy manufacturing. Composites Canada says the Airheart philosophy and high customer service standards will be maintained under the acquisition and the business will continue to operate as Airheart Distributing Inc.
https://www.compositesworld.com/news/composites-canada-acquires-airheart-distributing
March 4, 2021
More Acquisitions for Meridian Adhesives
Arsenal’s Meridian Adhesives Group acquires GENTEC and FT Polymer DALTON, Georgia, March 3, 2021 – Meridian Adhesives Group (Meridian) announced today the acquisition of GENTEC and FT Polymer, two European-based adhesive suppliers for the electronics, medical, aerospace and automotive industries.
The companies’ range of products include adhesives, encapsulants, coatings, UV-curing technology and dispensing equipment. The two companies will be joining Meridian’s Electronics Division and working directly with Epoxy Technology Europe under the guidance of Nicolas Schwarz, Managing Director.
“After years of working with GENTEC and FT Polymer, we are excited to have these two well-established companies joining Meridian,” said Schwarz. “I am looking forward to the expertise they will bring to our Electronics Division.”
Both GENTEC and FT Polymer have long-standing reputations as leading partners with Meridian’s Electronics Division, which is comprised of Epoxy Technology, Inc., Epoxy Technology Europe, and Epoxies, Etc. GENTEC currently serves Belgium, The Netherlands and Luxembourg, while FT Polymer serves France, Morocco, Tunisia and Algeria.
“GENTEC and FT Polymer are trusted names in the electronic adhesives market in Europe,” said Daniel Pelton, CEO of Meridian Adhesives Group. “Adding them to our fast-growing Electronics Division will only serve to strengthen our team and enhance our global footprint. We are pleased to have them join us.”
The Electronics Division of Meridian Adhesives Group provides high technology products with experienced technical support. Epoxy, urethane, silicone and UV materials that are manufactured by Epoxy Technology and Epoxies, Etc. have been used in some of the most demanding applications. These companies are trusted partners of organizations throughout the world.
About Meridian Adhesives Group Meridian Adhesives Group is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of dynamic solutions, Meridian serves the electronics, infrastructure, flooring, packaging and product assembly markets. The group’s operations are located in the Americas and EMEA, with a multitude of sales/service offices worldwide that are positioned to serve Meridian’s global customer base. For more information, visit https://meridianadhesives.com.
About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. Visit www.arsenalcapital.com.
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