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Air Products to acquire Sanwa Chemical to strengthen Asia and Global Performance Products production

Published on 2003-02-27. Author : SpecialChem

 

Air Products and Chemicals, Inc. announced it has reached an agreement to acquire Sanwa Chemical Industry Co., Ltd., a leading Japanese producer of specialty polyamide resins and epoxy curing agents with operations near Tokyo, Japan and in Singapore. The acquisition represents Air Products' first Performance Products operations in Asia, and enhances existing Performance Materials Division businesses currently operating in the region. The acquisition is expected to close on March 31, 2003.

Sanwa, a privately held corporation based in Japan, with annual revenues of approximately $30 million and nearly 100 employees, is a leading Asian regional supplier of amine-based resins with product lines and technologies that complement current Air Products' offerings. These product lines are largely used as epoxy resin curatives in high performance coatings for steel, concrete, and hot-melt adhesives. "Sanwa is a well-respected company with an established market presence and talented and experienced employees. Sanwa will be of great assistance in gaining greater access to the important Japanese and Asian markets. At the same time, we can provide Sanwa with greater access to Air Products' customers around the world, further enhancing the servicing of our many mutual customers," said John E. Mc Glade, vice president and general manager, Performance Materials for Air Products.

"Air Products is a global leader in the industrial gases and chemicals industry. We believe this agreement will provide the best long-term future for the Sanwa business, its customers and its employees. Our product lines in many ways are complementary, and our differentiated products will now be readily available to customers on a more global basis," said Yoshihiro Sumita, President of Sanwa Chemicals.

Geographically, the Sanwa acquisition will enable Air Products to meet global customers' needs more efficiently. "It demonstrates Air Products' continuing commitment to the fast growing Asian region. The joining of our two strong companies improves our ability to service our customers on a global basis. It provides increased capabilities in areas of regional product development and supply chain flexibility. Our intention is to fully integrate this facility with our existing capabilities in Europe and the United States," said Jeffrey Kramer, vice president and general manager, Chemicals, Asia for Air Products.

The Performance Products business is part of Air Products' Performance Materials Division, which was announced in November 2002. The Performance Materials Division focuses on furthering Air Products' efforts to meet customers' increasingly stringent needs for environmentally-friendly products and solutions. "The acquisition of Sanwa, and its strong reputation and brand name, fits with Air Products' Performance Materials growth strategy. We will continue to look at our businesses and pursue enabling acquisitions that meet our Division and overall company growth objectives," said Mc Glade.

Air Products, with Asia sales of approximately $1 billion, has regional headquarters in Singapore, with Chemicals Group headquarters in Hong Kong. The company is a supplier of several chemical product lines including polyurethane intermediates, industrial and specialty amines, polyurethane catalysts and surfactants, specialty additives for waterborne inks and coatings, and VAE emulsion polymers. Air Products' Gases Group operates in locations throughout Asia.

Source: Air Products and Chemicals, Inc.


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