The acquisition of CVC Thermoset Specialties, with its highly specialised toughening, curing and other additives used in a wide range of applications and markets, is strongly aligned with Huntsman's strategy of growing its specialty Advanced Materials portfolio. CVC Thermoset Specialties has annual revenues of approximately $115 million with manufacturing facilities located in Akron, Ohio, and Maple Shade, New Jersey.
"These products deliver enhanced performance, such as durability, flexibility, and chemical, crack and impact resistance, in harsh environments. Its applications make vehicles, aircraft, infrastructure and electronics lighter, stronger and last longer. Not only will this acquisition strengthen Advanced Materials' position in North America, it offers products and technologies that we intend to rapidly grow and globalise by utilising our existing asset footprint and routes to market in Europe and Asia. We expect to achieve approximately $15 million of annualised synergies within two years," said Scott Wright, president of Huntsman's Advanced Materials division.
"This acquisition provides unique technology, cost efficiency, an expanded customer base, and greater shareholder value. We look forward to continuing to expand through transactions such as this," said Peter Huntsman, chairman, president and CEO of Huntsman.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. It operates more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employs approximately 9,000 associates within our four distinct business divisions.
Fibre2Fashion News Desk (PC)