Huntsman to acquire CVC Thermoset Specialties for $300 million
The deal will complement Huntsman's Advanced Materials portfolio and improve its epoxy-based materials, Huntsman said.
Chemical supplier Huntsman Corp. is acquiring CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives, and coatings markets, for US$300 million.
Headquartered in Moorestown, N.J., CVC Thermoset Specialties is part of Emerald Performance Materials LLC which is majority owned by affiliates of American Securities LLC.
“The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to our Advanced Materials portfolio and its unique products will make systems using our class-leading epoxy-based materials even tougher, stronger, and more durable,” Huntsman’s Advanced Materials division president Scott Wright said in a statement. “This business manufactures highly specialised toughening, curing and other additives used in a wide range of composite, adhesive and coatings applications across aerospace, automotive and industrial markets.”
The deal is expected to close in mid-2020.
Earlier this year, Huntsman closed the sale of its chemical intermediates and surfactant businesses to Thailand-based Indorama Ventures Public Co. Ltd. for approximately US$2 billion.