Investment firm SK Capital buys specialty polymers business from Baker Hughes
The specialty polymers business of Houston-based Baker Hughes makes specialty low molecular weight olefin polymers, including a range of functional polymers and high melting point polyethylene waxes.
In its second deal in seven days, private investment firm SK Capital Partners has acquired the specialty polymers business from Baker Hughes for an undisclosed amount.
The specialty polymers business of Houston-based Baker Hughes makes specialty low molecular weight olefin polymers, including a range of functional polymers and high melting point polyethylene waxes. The company has a manufacturing plant in Barnsdall, Oklahoma.
The deal comes a week after New York City-based SK acquired a majority stake in materials firm Techmer PM.
In a statement, SK officials said that Baker Hughes, which was founded 85 years ago, “has been dedicated to innovation and has developed a strong reputation as a premium specialty supplier.”
“SK has extensive corporate carveout expertise and we look forward to partnering with management to transform the business into a world-class independent specialty chemical company with an intense focus on operational excellence,” Jonathan Borell, one of SK’s managing directors, said in the statement. “As an independent company, the specialty polymers business will be able to build upon and enhance its reputation as a reliable provider of innovative and high-quality polymers.”
The transaction is expected to close in the second half of 2020.