Huntsman Closes CVC Buy
Huntsman has completed its $300 million acquisition of North American specialty chemicals company CVC Thermoset Specialties.
CVC makes a range of highly specialized toughening, curing and other additives for the industrial composites, adhesives and coatings markets.
“Not only will this acquisition strengthen Advanced Materials’ position in North America, it offers products and technologies that we intend to rapidly grow and globalize by utilizing our existing asset footprint and routes to market in Europe and Asia,” said Scott Wright, president of Huntsman's Advanced Materials division. “We expect to achieve approximately $15 million of annualized synergies within two years.”
Peter Huntsman, chairman, president and CEO, said: “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.”
Separately, Huntsman has branded its spray polyurethane foam (SPF) business as Huntsman Building Solutions (HBS), sitting within its Polyurethanes division.
The SPF business was formed when Huntsman bought leading North American company Icynene-Lapolla in February 2020 and combined it with Demilec, another SPF company based in Texas that it acquired in March 2018.
According to Huntsman, HBS is now one of the world’s leading SPF providers and the fifth largest insulation manufacturer.
Simon Baker, previously Demilec’s president, and Doug Kramer, the former president of Icynene-Lapolla, jointly lead HBS. Baker is responsible for business in Canada and internationally while Kramer takes the US.
“Integration of the two legacy companies is progressing well and the selection of the new name is an important milestone for the business,” said Tony Hankins, president of Huntsman’s Polyurethanes division, adding that SPF is a highly attractive growth business with its products providing significant environmental benefits in terms of both energy savings and the upcycling of PET bottles and scrap used to produce its Terol polyols, a key ingredient in making the foam.