Altana Acquires Formulated Resins Business from Solvay
The specialty chemicals group Altana, Wesel, Germany, has acquired the Formulated Resins business of Belgian chemical group Solvay. This business generated sales of approximately USD 20 million in 2015. The Formulated Resins portfolio mainly entails the Conap brand epoxy resin and polyurethane product systems and serves electronics, electrical and specialty adhesives markets. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.
With the acquisition, Altana takes over a research and production facility from Solvay with 53 employees in Olean, New York. Within the Altana Group, the business will be integrated into Elantas PDG, Inc. based in St. Louis, Missouri belonging to the Elantas Electrical Insulation division. “By acquiring the formulated resins business of Solvay we are strengthening our position as a technology leader and expanding our business in North America,” CEO of Altana AG, Martin Babilas, said.
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