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    Home > Coatings News > Paints and Coatings Market > Huntsman Group acquires CVC thermoset specialty materials company to expand specialty chemical portfolio

    Huntsman Group acquires CVC thermoset specialty materials company to expand specialty chemical portfolio

    • Last Update: 2020-03-18
    • Source: Internet
    • Author: User
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    Huntsman Group announced yesterday that it had reached an agreement to acquire 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 a subsidiary of Emerald High Performance Materials, Inc., a subsidiary of American Securities LLCCVC, which has annual revenues of approximately $115 million, currently has two plants in Akron, Ohio, and Maplescheid, New JerseyUnder the terms of the agreement, Huntsman will pay $300 million in acquisitions subject to final adjustments subject to working capital and other influencesThe transaction is an all-cash transaction financed by the company's liquid assetsThe purchase price is equivalent to approximately 10 times adjusted EBITDA (EBITDA before interest and tax amortisation) for the full year 2019, or approximately 7 to 8 times the estimated synergies, and achieving the bottom limit of synergistic earnings depends on stable market conditionsThe transaction is expected to close by mid-2020
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