The 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.
“We are excited about the opportunities that will result from the combined strengths of the two companies,” said Bakelite CEO JP Aucoin. “This acquisition enables us to deliver greater value to our customers through a broader product offering and expanded geographic reach. It also enables us to deliver on significant organic growth with the strong tailwinds in US residential construction.”
The combined company’s new headquarters will be based in Atlanta, Georgia – Bakelite’s former base was in Louisville, Kentucky – and will consist of approximately 1,500 employees and 21 manufacturing sites in 10 countries.
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.
Author: Elaine Burridge, Freelance Journalist
