The Urethane Blog
October 18, 2026
A list of chemical M&A deals . . .
| Seller | Buyer | Business | Date |
|---|---|---|---|
| EMM International | PPG | consumables, equipment and training for the professional autobody repair industry | 1st Quarter 2026 |
| SK Capital | Siegfried | Noramco, Extractas Biosciences, and Purisys (active pharmaceutical ingredients (APIs) and drug products) – Halo Pharmaceuticals not included | 1st Quarter 2026 |
| Wendel, BASF and Clariant | Henkel | Stahl (speciality coatings for flexible materials) – €755s/2,100v | 1st Quarter 2026 |
| DSM-Firmenich | CVC Capital Partners | Animal Health and Nutrition – $2,600v | 1st Quarter 2026 |
| Thiele Kaolin Company | Burgess Pigment Co. | kaolin clay and silica products | 1st Quarter 2026 |
| Goldner Hawn | TruArc Partners | Matrix Adhesives (adhesive and sealant products used in renovation and construction, industrial, commercial, and specialty applications) | 1st Quarter 2026 |
| FTS H2O | Aquatech | membrane-based brine concentration and resource recovery technologies, | 2nd Quarter 2026 |
| SK Capital | Turpaz Industies | Phoenix Flavors & Fragrances Inc. | 2nd Quarter 2026 |
| Ineos | Ecovyst | Ineos Calabrian (ultra-pure sulphur dioxide and derivatives) – $190v | 2nd Quarter 2026 |
| Benford Capital | SK Capital | Brothers International (natural fruit ingredients and products for the food and beverage industry) | 2nd Quarter 2026 |
| Vertec Biosolvents | Shrieve Chemical (Gemspring Capital) | bio-based solvents | 2nd Quarter 2026 |
| DOMO Engineered Materials | Lone Star Funds | polyamide-based engineered materials | 2nd Quarter 2026 |
| Radici Group | Lone Star Funds | chemical intermediates, polyamide polymers and high-performance engineering polymers | 2nd Quarter 2026 |
| Ingevity | PPG | Ozark Materials (pavement markings) – $65v | 2nd Quarter 2026 |
| Paine Schwartz Partners | BASF | AgBiTech (biological crop protection solutions) | 1st Quarter 2026 |
| TBF Environmental | AXEL Plastics | VOC-compliant, HAPs-free solvents | 2nd Quarter 2026 |
| Nyco Products | Diamond Chemical (Graycliff Partners) | sanitation chemicals | 2nd Quarter 2026 |
| SK Capital | Catchment Capital | Isolatek International (passive fireproofing technologies) | 2nd Quarter 2026 |
| Affinity Chemical | Shoreline Equity (C&S Chemical) | industrial water treatment and animal hygiene chemical solutions | 2nd Quarter 2026 |
| Dalfort Capital | Partners Group (Diversitech Corporation) | Polymer Adhesives (manufacture of high-performance duct sealants, adhesives, and fire-stopping materials) | 2nd Quarter 2026 |
| VanDeMark Chemical | Valiant Energy Management | custom chemical intermediates and additives in the material and life science markets | 2nd Quarter 2026 |
| Industrial Coating Solutions | Gemini Industries | coatings | 3rd Quarter 2026 |
| WeChem | Diamond Chemical (Graycliff Partners) | cleaners, degreasers, disinfectants, sanitizers, and specialty aerosol products | 3rd Quarter 2026 |
| Element Solutions | Solstice Advanced Materials | acquisition of whole company (chemicals for semiconductor fabrication, computing, automotive systems, electronics, communications and data storage infrastructure, aerospace and defense, industrial surface finishing and offshore ene | 3rd Quarter 2026 |
| Paine Schwartz Partners | Truelink Capital | Lyons Magnus (specialty ingredients, beverage, and nutrition solutions serving B2B customers across the coffeehouse, QSR, foodservice, and healthcare end-markets) | 3rd Quarter 2026 |
| CM Equity Partners | Tinicum | GracoRoberts (distribution of specialty chemicals and composites used in the aerospace and defense industry) | 3rd Quarter 2026 |
October 14, 2026
Ethox Announces Completion of New Manufacturing Facility in Pasadena, Texas
October 14, 2026
Categories
Investing in Growth, Innovation, and the Future of Specialty Chemicals
At Ethox Chemicals, we have always believed that growth should be sustainable, fiscally responsible, and reactive to our customer and market demands. Today, we are proud to announce a major milestone in our company’s history: the completed construction of a new state-of-the-art manufacturing facility in Pasadena, Texas.
This greenfield facility, built from the ground up, represents one of the most significant investments in Ethox’s history and underscores our commitment to providing customers with reliable supply, expanded capacity, and continued innovation for decades to come.
Expanding Capacity to Meet Growing Demand
The new Pasadena plant will serve as a strategic expansion of our existing manufacturing operations in Greenville, South Carolina, with a primary focus on ethoxylation and propoxylation.
For decades, our Greenville facility has been the foundation of Ethox’s reputation as a trusted specialty chemical manufacturer. As customer demand continues to grow across a wide range of markets and applications, the Pasadena facility will provide meaningful additional capacity, supply chain resilience, and operational flexibility to support our expanding customer base.
By adding new production capabilities alongside our established assets, we are strengthening our ability to deliver the products, technical expertise, and responsive service that our customers have come to expect from Ethox.
A Purpose-Built, Greenfield Facility
Unlike a retrofit or acquisition, the Pasadena plant was designed and constructed as a true greenfield project. Built from the ground up, the facility incorporates modern manufacturing technologies, advanced process design, and infrastructure engineered specifically to support the next generation of surfactant production.
This approach allows us to create a facility optimized for efficiency, safety, product quality, and future scalability, ensuring we can continue meeting our customers’ evolving needs in the years ahead.
Backed by 88 Years of Family Ownership
This investment is also a reflection of the strength and stability of our parent company, Syntha Group.
For 88 years, Syntha Group has proudly remained a family-owned American company. Throughout generations of growth, market changes, and industry evolution, the company has maintained a long-term perspective focused on building lasting relationships, supporting customers, and investing in the future.
The new Pasadena facility represents the next chapter in that legacy.
As part of the Syntha Group family, Ethox is uniquely positioned to make investments that support long-term growth rather than short-term results. This project reflects our confidence in the markets we serve, our commitment to our customers, and our belief in the future of American manufacturing.
Building the Next 88 Years
While this facility expands our manufacturing footprint today, its true purpose is preparing Ethox for tomorrow.
For nearly nine decades, Syntha Group has built a reputation for integrity, customer focus, and operational excellence. With the addition of our new Pasadena facility, we are making an investment designed not only for the next several years, but for the next 88 years and beyond. It reinforces our commitment to growing alongside our customers for generations to come.
We are excited about what this new chapter means for Ethox, our customers, our employees, and the communities we serve.
To learn more about the markets we serve, our equipment, and our chemistries, download our Manufacturing Capabilities Brochure.
https://blog.ethox.com/ethox-announces-completion-of-new-manufacturing-facility-in-pasadena-texas
October 13, 2026
Tosoh Strengthens HDI Value Chain with Full Acquisition of Nanyo Kasei
Tosoh to Take Full Ownership of HDI Producer Nanyo Kasei
Tosoh Corporation announced plans to acquire the remaining 50% ownership stake in Nanyo Kasei Co., Ltd. from Asahi Kasei Corporation, making the HDI monomer producer a wholly owned Tosoh subsidiary. The transaction is expected to close on March 31, 2027.
Nanyo Kasei, established in 1980 as a joint venture between the two companies, manufactures hexamethylene diisocyanate (HDI) monomer, a key raw material used in high-performance coatings, adhesives, and specialty polyurethane applications.
The acquisition is intended to strengthen Tosoh’s supply security for HDI monomer and support the continued growth of its HDI derivatives business. The move is particularly significant following the September 2026 startup of Tosoh’s new HDI derivatives production facility, which will require a stable and reliable supply of upstream feedstock.
The transaction highlights ongoing efforts by chemical manufacturers to increase vertical integration and secure critical raw material supply chains in specialty chemical markets.
October 11, 2026
CBP starts paying out IEEPA tariff refunds for finally liquidated entries
However, for now, the agency can only reimburse businesses that submitted a valid importer of record number by July 30.
Published Oct. 8, 2026
U.S. Customs and Border Protection has begun processing some finally liquidated entries from businesses that sued for refunds of now-defunct tariffs and were later ruled entitled to reimbursement by the Court of International Trade, according to an Oct. 6 court filing.
Organizations can apply for the refunds through CBP’s Consolidated Administration and Processing of Entries portal, or CAPE, Brandon Lord, executive director of CBP’s Trade Programs Directorate, said in the filing.
However, only plaintiffs who submitted a valid importer of record number to CBP by July 30, 2026, are currently able to receive refunds for finally liquidated entries. Plaintiffs who submitted a number after July 30 must await further instructions, per the filing. CBP did not provide a timeframe for when that information would be available.
As of Oct. 6, CBP has accepted 477 CAPE finally liquidated entry declarations for processing, covering 425,517 entries, per the filing.
“Another important step in the CAPE process — and one importers involved in the tariff litigation will want to continue to monitor,” Kelly Nelson, principal consultant and managing director of KPMG Trade & Customs Services, said on LinkedIn.
Refund processing for certain finally liquidated entries is the latest development in CBP’s phased CAPE rollout, which began earlier this year. The portal handles refunds for duties enacted under the International Emergency Economic Powers Act that were invalidated by the Supreme Court in February.
CBP had targeted the end of July for this third phase of CAPE’s rollout covering finally liquidated IEEPA entries but delayed implementation until October. The capability is expected to handle roughly $11.4 billion, or 6.9%, of IEEPA tariffs.
The CIT ruled earlier this year that CBP had to refund unprocessed or unfinalized entries and later expanded the order to include finally liquidated entries. However, the Justice Department appealed the decision, arguing the court lacks jurisdiction to issue a universal refund order for all finalized entries and that the ruling should apply only to parties that sued for refunds. The appeal remains in litigation before the Federal Circuit Court of Appeals.
As of Oct. 2, CAPE has accepted roughly $136.6 billion in potential and certified refunds for processing, with $126 billion sent to the Treasury Department for disbursement, according to the latest filing.
October 8, 2026
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