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Synthomer Finalizes Acquisition of HEXION PAC

Published on 2016-07-04. Author : SpecialChem

Further to the announcement in March 2016, Synthomer Plc (LSE: SYNT) ('Synthomer' or the 'Group') announced that it has successfully completed the acquisition of HEXION Performance Adhesives & Coatings ('HEXION PAC') from HEXION Inc. Hexion PAC's business in China (representing approximately 1% of Hexion PAC's revenues) is subject to a deferred completion which is expected in Q3 2016.


Strengthen Synthomer's Adhesives Market

Synthomer Finalizes Acquisition of HEXION PAC

The total consideration of $226 million (£157 million) was funded from both existing cash resources and utilization of additional credit facilities. The consideration was hedged at the time of the initial announcement at an FX rate of £1:

‘HEXION PAC’ is also known to many of its commercial partners as the “HEXION MDP” (HEXION Monomers, Dispersions and Powders) business. The existing leadership team will transfer with the business to Synthomer.

The acquisition of HEXION PAC significantly strengthens Synthomer's position in the performance adhesives and coatings market, offering access to new product technologies, customers and markets.

HEXION PAC is also highly complementary to Synthomer's existing business both geographically and in the markets in which it operates.

About HEXION

Based in Columbus, Ohio, HEXION is one of the global leaders in thermoset resins. Through a broad range of thermoset technologies and specialty products, Hexion serves and supports customers in a diverse range of applications and industries. As one of the global manufacturers operating approximately 60 industrial facilities around the world, Hexion supplies customers through its Epoxy, Phenolic and Coating Resins Division, and its Forest Products Division.

About Synthomer

Synthomer develops and markets polymers used in a wide range of industries to create and enhance everyday consumer products. Whether its reading a book, opening a pack of breakfast cereals, painting a kitchen, labelling an envelope, laying a carpet, tiling a bathroom or simply driving the car, it could be using a product that has been improved by its scientists

Source: Synthomer

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