Bakelite to Acquire LRBG Chemicals
The transaction is expected to close in August, subject to customary regulatory approvals and other closing conditions.
LRBG Chemicals' products are used in a wide range of applications in building and construction, transportation, industry and chemical intermediates worldwide. Bakelite said that LRBG Chemicals “has a customer-driven research and development focus with strong technical knowledge and support, closely aligned to Bakelite Synthetics business model.”
“This acquisition allows Bakelite to expand its footprint into Canada and to better serve the northeastern regions of Canada and the US,” said JP Aucoin, president and CEO of Bakelite Synthetics.
Headquartered in Atlanta, Georgia, the combined company will have approximately 1,500 employees and 21 manufacturing sites operating in 12 countries.
Mid-2022, Bakelite Synthetics had closed its purchase of Georgia-Pacific Chemicals. This previous acquisition gives Bakelite complementary resin and formaldehyde technology and end markets in the building materials, transportation, industrial, chemical intermediate and specialty resins space, as well as 11 chemical facilities employing about 600 people in the US and South America.
Bakelite was formed on May 1, 2021, from the $425 million purchase of Hexion’s phenolic resins business by private equity firms Black Diamond and Investindustrial.
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