Radici Buys Invista’s Engineering Polymers
In a deal that expands its nylon resin activities in Europe and the US, Italy’s Radici Group has agreed to acquire Invista’s engineering polymer solutions business for an undisclosed sum. The purchase covers Torzen nylon 6.6 glass-reinforced, mineral-filled, toughened and flame retardant polymer grades. OEM approvals will be valid and usable worldwide in industries including automotive, electrical/electronic, industrial and consumer goods, Radici said.
Production capacity in Chattanooga, Tennessee, USA, and Born, the Netherlands, is part of the deal. However, the plant in Chattanooga will close and its capacity distributed between Radici’s existing facilities in Wadsworth, Ohio, USA, and Ocotlan, Mexico. US-based Invista had already announced in July of this year that it would discontinue nylon 6.6 production in Chattanooga by the end of 2016.
Radici said the transaction is an important step in its development plans that include boosting its share of the nylon market. In August 2015, the Italian firm acquired the nylon business of Mexican company Resinas TB SA de CV.
The transaction is expected to close by mid-November.