Ascend buys Toll Compounder BTP
Ascend Performance Materials, which regards itself as the largest fully integrated producer of nylon 6.6 resin, has bought its engineering thermoplastics compounder Britannia Techno Polymer (BTP), based at Tilburg in the Netherlands. Financial terms were not disclosed.
Through the deal, Ascend, based at Houston, Texas, will gain its first European nylon production base and at the same time expand its global compounding capacity for the 6.6 grade, said Phil McDivitt, president and CEO of the company formerly known as Solutia and until the 1980s part of Monsanto.
The Dutch company founded in 2006, which also produces nylon 6 and 6.6/6 copolymer as well as ABS, PC and PP compounds, has worked together with Ascend and predecessor Solutia for many years. All of BTP’s employees will transfer immediately to the new owner. Founder Andy Leigh will join the Ascend global management team as director of compounding technology.
Ascend is owned by New York City-based SK Capital Partners, which paid $50 million for Solutia in 2009. The private equity group is backed by South Korean investors.