Businesses . . . Huntsman completes $300 million acquisition of CVC thermoset specialty materials

Huntsman announced on May 18 that it had completed its acquisition of CVC Thermoset Special MaterialsCVC Thermoset Specialty Materials is a North American manufacturer of specialty chemicals that serves the industrial composites, adhesives and coatings marketsCVC Thermoset Special materials is part of Emerald High Performance Materials, a subsidiary of American Securities LLCthe acquisition was based on the terms of the agreement announced on March 16, 2020, for CVC Thermoset Special Materials, which Huntsman acquired for approximately $300 million, with a final adjustment based on changes in working capital and liabilitiesThe acquisition is an all-cash transaction and is financed by the company's liquidityacquisition of CVC Thermoset Specialty Materials, a highly specialized toughening agent, curing agent and other additives used in a wide range of applications and markets, is highly consistent with Huntsman's strategy to develop its portfolio of specialty advanced materialsCVC Thermoset Special Materials, with annual revenues of approximately $115 million, is based in Akron, Ohio, and Maple Shade, New JerseyCommenting on the acquisition, Scott Wright, President of TheHuntsman Advanced Materials, said: "CVC's products demonstrate excellent performance even in harsh environments, including durability, flexibility, chemical resistance, crack resistance and impact resistanceThese products make cars, aircraft, infrastructure, and electronics lighter, more powerful, and longer-livedThe acquisition will not only strengthen the Advanced Materials division's position in the North American market, but also bring us the products and technologies we needWe intend to use our existing assets in Europe and Asia to rapidly refine these products and technologies and to sell them globally through marketing channels everywhereWe expect to achieve an annualized synergy of approximately $15 million within two yearsPeter Huntsman, Chairman, President and CEO ofHuntsman, further commented: "CVC meets all the criteria for our acquisition in the Advanced Materials division, including new technologies, synergies and global opportunitiesThe business is currently achieving a profit before interest, tax and amortisation of more than 25% and we expect significant synergies within two yearshuntsman Corporation is a multinational manufacturer and marketer in the Us that provides chemical products to consumers and industrial users The company has grown through a series of acquisitions (some divestitures) and is now a production and differentiated chemical product marketing company