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03-22-2018

Huntsman Acquires Demilec

Planned Expansion into International Markets

Huntsman Corporation, The Woodlands, TX/USA, announced the acquisition of Demilec, one of North America’s leading manufacturers and distributors of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of Sun Capital Partners, Inc. Under terms of the agreement, Huntsman will pay USD 350 million in an all-cash transaction, funded from available liquidity. The transaction is expected to close by the end of second quarter 2018.

Demilec has annual revenues of approximately USD 170 million and two manufacturing facilities located in Arlington, TX, and Boisbriand, Quebec, Canada, where they produce a full suite of MDI based SPF formulations which they market directly to applicators as well as through distributors. Demilec specializes in both closed cell and open cell formulations, with a focus on products with renewable and recyclable content that are eco-friendly, bio-preferred and reduce energy consumption through highly efficient insulation properties.

Commenting on the acquisition, Tony Hankins, President of Huntsman's Polyurethanes division, said: "Demilec has pioneered MDI SPF insulation and coating technologies for over 30 years, building a strong market reputation with architects, builders and designers. Demilec and the entire SPF industry have delivered strong double digit growth, which we expect to be sustained as their technology provides outstanding insulation performance in a world which is increasingly concerned with improving energy efficiency. The Demilec team will continue to be fundamental to the ongoing success of the integrated business after the transaction has closed, as we rapidly build our North American platform and aggressively expand the business into international markets."

Peter Huntsman, Chairman, President and CEO further commented: “This bolt-on acquisition is a great fit to our core strategy to move downstream. The integration of Demilec into our Polyurethanes business offers significant synergies and delivers substantially higher and very stable margins by pulling through large amounts of upstream polymeric MDI into specialized spray foam systems. This integrated business will have greater than 25% EBITDA margins and double digit growth.”

Company profile

Huntsman Corporation Corporate Office

Woodloch Forest Drive 10003
US 77380 THE WOODLANDS, TEXAS

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