Industry News

Dynea to Focus on Phenolic Resin Activities in Europe by Selling its Asia Pacific Business to AICA

Published on 2012-10-12. Author : SpecialChem

Dynea Chemicals Oy ("Dynea"), the leading global provider of adhesive and surface solutions, announces that it has agreed to sell its Asian division, Dynea Asia Pacific ("Dynea AP"), to AICA Kogyo ("AICA"), a leading Asian polymer chemistry company based in Japan for ca EUR 150 million, on a cash and debt-free basis.

The sale of the Asian operations fits in with Finland-based Dynea's strategy of concentrating its resources around its European business and in particular its phenolic resin activities. Dynea is owned by IK Funds which are advised by IK Investment Partners, a leading European private equity firm.

Dynea has been present in the Asia Pacific region for over forty years. Today Dynea Asia Pacific comprises 18 facilities in eight countries across the region with approximately 1,200 employees and annual net sales of EUR 220 million. The business is a strong and largely independent operation serving many end market applications.

"The sale of Dynea Asia Pacific to AICA demonstrates Dynea's strong track record of creating superior value in its individual business activities. The sale is a natural step in our strategy of focusing on our core activities, particularly our industrial and other key resins business in Europe," says Hans Pettersson, President and CEO of Dynea. "The transaction provides Dynea Asia Pacific and its employees with an opportunity to develop within a broad based polymer manufacturer who is situated in the region", he added.

"The acquisition of Dynea AP provides AICA with a significant platform in the high growth countries of Asia Pacific. The business also offers material synergies with AICA existing activities. The transaction is a major step in AICA's strategy to develop its presence in overseas markets in Asia" says Yuji Ono, President of AICA Kogyo.

The sale is conditional upon normal regulatory approvals.

Millington Advisory Partners acted as financial advisor to Dynea in relation to the transaction.

About Dynea

Dynea is an international provider of superior adhesion and surfacing solutions is owned by the IK Funds advised by IK Investment Partners, a leading European private equity company.

About AICA

AICA is one of a leading Asian polymer chemistry company with activities in chemical materials, decorated laminates, housing materials and electronics. AICA is quoted on the Tokyo Stock Exchange. For further information on AICA: www.aica.co.jp

Source: Dynea

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