Huntsman buying PU foam maker Icynene-Lapolla for $350 million
Icynene-Lapolla has two manufacturing facilities: one in Mississauga, Ont., and the other in Houston, Tex.
In a move that expands its footprint in the growing North American spray foam market, specialty chemical maker Huntsman Corp. is acquiring Icynene-Lapolla, described as a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, for US$350 million.
The transaction is expected to close in the first half of 2020.
Icynene-Lapolla has annual revenues of approximately US$230 million with two manufacturing facilities located in Mississauga, Ont. and Houston, Tex.
The company was formed two years ago when Canada-based Icynene and Houston’s Lapolla merged to create a larger spray foam player spread across North America.
“Icynene-Lapolla is well recognized by architects, builders and contractors as a market leader in the manufacture and supply of high-performance, energy-efficient building envelope solutions,” Tony Hankins, president of Huntsman’s polyurethanes division, said in a Dec. 6 statement. “SPF is the most effective insulant available in the market. The combination of Icynene-Lapolla, with its SPF product range and reflective roof coatings, with Demilec, the SPF business [Huntsman] acquired in 2018, will significantly strengthen our energy-saving insulation business and provide customers with an unmatched offering of choice while accelerating the globalization of our spray foam technology.”
Huntsman is headquartered in The Woodlands, Tex.