Huntsman Completes the Acquisition of CVC Thermoset Specialties
Huntsman Corporation has completed the acquisition of CVC Thermoset Specialties. Huntsman acquired the business from Emerald Performance Materials LLC for approximately $300 million, subject to customary closing adjustments. The all-cash transaction was funded from available liquidity.
Huntsman stated that the acquisition of CVC Thermoset Specialties with its highly specialized toughening, curing, and other additives used in a wide range of applications and markets, is strongly aligned with Huntsman’s strategy of growing its specialty Advanced Materials portfolio. CVC Thermoset Specialties has annual revenues of approximately $115 million with manufacturing facilities located in Akron, Ohio, and Maple Shade, N.J.
“These products deliver enhanced performance, such as durability, flexibility, and chemical, crack and impact resistance, in harsh environments. Its applications make vehicles, aircraft, infrastructure and electronics lighter, stronger and last longer. 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. We expect to achieve approximately $15 million of annualized synergies within two years,” said Scott Wright, president of Huntsman’s Advanced Materials division.